Is the bear market back?

Short-term yield rising again

The US stock markets are showing some weakness in the past week,
Nasdaq: -2.7%
S&P 500: -3.1%
DJI: -3.1%

I always prefer to listen to the markets and in this case I use the US treasury yield curve to get a sense of what the market is thinking about the Fed rate hikes.

The general expectation of the peak interest rate has been 5% for many months, it was the case right till 17 February 2023.

But on 21 February 2023, the yield curve started to bump above 5%, to about 5.1%. Investors have raised the expectation.