Macro Mornings flags the US 10y yield (~4.5%) now exceeds the S&P 500 trailing earnings yield (spread +0.39, cycle peak +0.53) — the first bond-over-equity reading since 2003, declaring 'TINA dead.' Mechanism: with bonds out-yielding the largest equity index, capital structurally drifts from equities to fixed income as the decade-long valuation prop erodes; the named historical parallel is the rolling-into-March-2000 inversion (S&P -50%, Nasdaq -78%, 15yr to recover). A sustained-inflation pipeline (SuperCore PPI 5.1% on 11-month run) keeps the yield leg elevated. Bears on ES (structural de-rating risk if sustained), ZN (fundamental — not just tactical — duration bull), SR3 (dovish Warsh amplifies the bond bid).