Bonds are rallying as investors seek safe havens and try to lock in rates ahead of expected Federal Reserve interest rate cuts. Al Drago/Bloomberg/Getty Images New York —

While the stock market hovers near record highs , a shift in the bond market is signaling mounting concerns about the economy’s health.

A bevy of data this month showed the labor market is on shakier ground than previously thought. That spurred a rally in bonds as investors sought safe havens and ramped up bets that the Federal Reserve will cut interest rates this week.

As bonds rallied, it pushed yields lower: The two-year Treasury yield this month hit its lowest level since 2022, and the 10-year yield hit its lowest level since April, when President Donald Trump announced an unprecedented tariff campaig

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