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the reason the opposite happens is that it's future bond yields falling, meaning the present supply of bonds on the open market which have a higher interest rate are now worth more similar to how the job u currently HAVE is worth more when the job market is BAD

the heuristic for 10 yr bond yields is that higher indicates investor confidence and lower indicates lack of confidence bonds r essentially the credit card of the state & the most "trustworthy" lendee (since they can print)

e.g. investors outbid each other to lend money to the u.s. government going "no, borrow from me! i offer a better rate!" because they want that safe haven this increased demand for bonds both lowers the rate for new bonds & increases the price of existing ones on the open market

so b/c people r fighting each other for low interest rates that implies that there's nothing good to invest in this implies that expectations for equity returns are lower. or maybe they're higher but the expected volatility is too much given leveraged positions

cash seeking safe havens usually means that there's less excess liquidity sloshing around distorting market prices. but if it happens too fast, it creates a panic as everyone runs to the ark

it's like a startup where everyone smiles as it unsustainably grows but no one wants to mess up that sweet sweet vc cash but then it suddenly implodes as everyone simultaneously breaks down "*sob* i was just pretending to be happy *sob*"

or that time japan was worried about long lines at the bank creating a bank run crisis so they told the news outlets to stop reporting them and also let as many people in as possible so the lines wouldn't be seen