US Treasury bond risk is at its highest in 9 months as US equity risk hovers back near 2-month lows pushing the relative risk to its highest since Aug 2013...

In June 2011, July 2013, and July 2015, we saw the same spikes in bond risk vs equity risk... and each time, stocks collapse and stock vol surged very soon after.

And at the same time bonds are the 'cheapest' to stocks since Nov 2015 (before the last Fed rate hike)...