Credit spreads are often a better stress thermometer than headline equity narrative. Desk note: Spreads tell you what the market is charging weaker balance sheets for financing risk. That information often changes before equity headlines catch up. Why investors care: They matter because they connect macro anxiety to actual funding costs. Translate it into behavior: If spreads widen while equity indexes stay calm, funding conditions may be deteriorating under the surface. Where people usually get tripped up: The mistake is treating credit as an afterthought when it often carries the cleaner early warning. Keep this nearby on the next review: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. The point is not to memorize the label. The point is to know what variable is actually doing the work.