Goldman Sachs is sounding an alarm on stocks with its global macro team shifting to neutral on the sector, at least over the next 3 months.

“We downgrade to neutral over 3 months as a sell-off in bonds could lead to a temporary sell-off in equities,” write Goldman Sachs’ portfolio strategy team led by Anders Nielsen. “This makes the near-term risk/ reward less attractive despite our strong conviction that equities are the best positioned asset class over 12 months, where we remain overweight.”

They still see stocks returning 10.5% over the next 12 months.