tough call. structurally it seems like it has to get worse, maybe even much worse, in order to force congress to have some fiscal responsibility. otoh, the fed has jumped in before and will probably do so again, most analysts say around 6% is the upper limit for gov't to function at current debt levels so that's where you can expect QE to start. but in reality it needs to go to 10%+ and crush everything for years so we can get back to reality. and if you buy at 5% and it goes to 10% you're dead in the water.
High bond yields are generally a sell sign for risk equities since the higher a guaranteed return you can get from bonds, the harder it is to justify risking money on stocks.