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It’s hard to describe such a tumultuous year: an increasingly unresolved pandemic, growing unemployment, extreme market volatility (in both directions), with no end in sight. The stock market says clear-skies and no worries, with a climb-back of 45.5% in the SP500 from the March 2020 low, -2% year-to-date. This for sure doesn’t tell us the whole story. The rosy picture in stocks is only balanced by what’s happening in the bond market, a force significantly larger in value and trading volume than stocks. Bonds are the world’s largest financial instrument. Governments offer security by guaranteeing their debt and selling them for income to investors and other governments. To stimulate the econ