Making equities very unattractive at current valuations.
In other words, investors are more incentivized to hold cash compared to investing in the market.
The spread is back to levels seen in the 1980s and 2000. Back in 1980s, equities experienced volatility but continued trending higher. However, in 2000, markets plummeted with the onset of the Dot Com bubble bust.
(c) Game of Trades: https://twitter.com/GameofTrades_/status/1724118853821829296