Pantheon Macroeconomics warns stocks must regain momentum and bond spreads must tighten to prevent a weaker labor market in 2027. $SPY $HYG $TLT Tightened financial conditions typically take ~6 months to hit the labor market, driven by Fed rate hikes, AI doubts, and Middle East conflict fears. Flat stock prices since May historically point to a 0.2 percentage point rise in the national unemployment rate. Securities-backed borrowing reached 0.5% of personal income in early 2026, but stock stagnation threatens to reverse those loans. Widening high-yield bond spreads already signal higher joblessness, threatening to push unemployment past 4.5%. It could average 4.5% in 2027 if the Fed tightens further after a December rate hike. Does weak stock performance push unemployment higher in 2027?