Wall Street ended last week looking calm on the surface. Oil prices were mostly steady and stocks barely moved. Underneath that calm, however, bond yields climbed to multi-decade highs in several countries as central banks continued to raise interest rates. Investor and portfolio manager Dan Niles believes this could make for a difficult week ahead. In a note on X, Niles said investors should approach the markets with caution. Three rules are flashing red Niles follows three simple rules in markets: “don’t fight the Fed, don’t fight the bond market, and don’t fight seasonality.” Last week, he said, all three pointed in the same direction.