One framing I keep coming back to is this: credit spreads are often a better stress thermometer than headline equity narrative. What is happening: Spreads tell you what the market is charging weaker balance sheets for financing risk. That information often changes before equity headlines catch up. They matter because they connect macro anxiety to actual funding costs. In practice: If spreads widen while equity indexes stay calm, funding conditions may be deteriorating under the surface. Watch for: The mistake is treating credit as an afterthought when it often carries the cleaner early warning. Useful lens: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. The point is not to memorize the label. The point is to know what variable is actually doing the work.