Markets revolted in 2022 over then-PM Liz Truss's tax cut and borrowing plans.Dan Kitwood/Getty ImagesUS bond yields are surging, risking a stock market decline similar to 2022, according to Apollo's Torsten Slok.The Apollo economist said President-elect Donald Trump's spending plans could spark a bond market rebellion.Such a scenario would lead to potential Fed rate hikes in 2025, shocking investors who are pricing in cuts this year.Surging US bond yields and a potentially massive deficit spending program under the incoming Donald Trump administration risk a "Liz Truss moment" that could spark a painful decline in the stock market.Apollo economist Torsten Slok told Bloomberg on Tuesday that investors need to consider a repeat of 2022, in which bond yields rose and stock prices fell, as a real risk for this year."Higher for longer has a number of consequences that are bringing back memories of what we saw in 2022 when you had rates going up, and stocks going down at the same time," Slok said.The 10-year US Treasury yield surged six basis points on Tuesday to nearly 4.70%, representing its highest level since April 2024.