Yes, we are at a turning point. It’s easiest to see if we use pictures.

The biggest question now is the final terminal rate that the central banks reach. As this chart from Bianco shows, the market is still positioned for tightening to end with base rates below 2%. 

That implies either that inflation will come quickly under control, or that an inverted yield curve will force the Federal Reserve and other central banks to desist, even if inflation is still not under control

Would the Federal Reserve desist to save the stock market? Probably not. 

No market change in direction happens in a straight line

John Authers Bloomberg 7 February 2022

https://www.bloomberg.com/opinion/articles/2022-02-07/what-a-turning-point-in-markets-regime-looks-like-for-bonds-stocks-households


It’s hard to believe in a return to inflation as a significant factor in life for the first time in four decades, but ... 

John Authers Bloomberg 31 January 2022

https://englundmacro.blogspot.com/2022/01/its-hard-to-believe-in-return-to.html