bonds vs equity spread (IEF vs SPY) - remember 2007?

The blue bars on the chart 68.73% is the spread between SPY and IEF (short term 7-10yr treasury etf), at the levels only seen once before in 2007. We do have the Fed to keep things at these odd levels but the volume profile suggests some bumps ahead. Its something to watch out for. HYG price spread is wider than at the peak of the bubble as well.