Recent analyses indicate a potential shift in market dynamics, particularly regarding the stock-to-bond ratio. The S&P 500 to Treasuries ratio has reportedly declined to its lowest level since October 2024, signaling a potential turning point for asset allocators. As of now, the S&P 500 ($SPX) is down 4.3% year-to-date, while long-term Treasuries ($TLT) have risen 4.5% in the same period. Additionally, the U.S. Policy Uncertainty index has reached its second-highest level in history, raising concerns about the disconnection between credit markets, especially junk bonds, and the rising risk environment. Analysts suggest that these trends may indicate the end of an economic cycle, with valuations of stocks relative to bonds dropping sharply to near their lowest in a year.