Just caught something worth paying attention to. Albert Edwards from Société Générale - one of Wall Street's most consistent bears - is raising serious red flags about what the bond market is telling us right now.

His take? The signals are getting harder to ignore. US Treasury yields have been climbing (10-year sitting around 4.28% last week, up 32 basis points since the geopolitical tensions escalated), and Edwards sees this as a warning sign that inflation could be making a comeback we haven't seen in decades. He's not just talking about short-term price pressures either - he's pointing to structural issues like ballooning US government debt and fiscal dominance as the real culprits.

What caught my attention most was his inflation projection. Edwards thinks we could see year-over-year inflation hitting 10-20% range eventually. For context, that's territory we haven't visited since the 1970s-80s when inflation peaked around 11% mid-decade and then spiked to 13% in 1980. Pretty sobering stuff.

The bond market angle here is crucial. Edwards is saying we're already in a secular bear market for bonds globally, which means higher rates are likely sticking around longer than people think. And here's where it gets relevant for equity traders - a prolonged bond bear market typically isn't friendly to stocks. If rates stay elevated, corporate financing costs stay high, and valuations on expensive names get compressed even further.

He's even warning that the S&P 500 could see a 25% pullback if this scenario plays out. The logic is straightforward: with inflation concerns rising and the Fed unlikely to keep cutting rates, growth stocks especially could face serious headwinds.

Edwards has built his reputation on being early to see risks that others downplay. Whether you agree with his outlook or not, the bond market signals he's highlighting are worth monitoring. The question now is whether equity markets will eventually catch up to what the bond market is already pricing in.