Looking at the chart below, we see on the left side a ranking of performance of 3 bond sectors and one equity sector with fixed-income type characteristics, real estate.
Bonds are a great indicator of growth expectations. Stocks are as well, but stocks get a lot of attention in that regard while bonds get a lot less attention in general, and also, a lot less attention as growth indicators. However, the bond market is gigantically large, swamping the stock market in size. So, if you believe in the 'wisdom of crowds', bonds are a bigger crowd and probably right. Plus, bonds get less attention from do-it-yourself day traders, which make bonds likely to be somewhat more influenced by professionals.