I think the market is realizing that lending the next marginal dollar to an entity $33T (and counting) in debt is not as risk-free as before. It's a curious case where the private market is sounding the recessionary klaxon alarm which would normally be deflationary, but because the federal government is running such large deficits it creates a floor for demand and is thus a countervailing inflationary force. In many ways it defies what the talking heads have come to believe about recessions and cause-effect relationships between different economic levers.

Edit: I tend to tune out pundits and politicians when it comes to deciphering the state of the economy and instead look to industries like logistics to see where we may be at. In this case, at least some parts of the trucking market appear to be in or headed into a deep freeze which you can see from this article here.

Overall, if there is low demand for transportation of goods, it has many implications both up and downstream.