Stocks Versus Bonds: “Old Normal Vs. New Normal”

Ok so as you think about yields and equities and what to expect going forward as stocks decide whether they want to view Treasury rallies as risk-off triggers (i.e. as evidence that the reflation meme is drying up) or whether, should 1oY yields reprice rapidly higher, stocks want to view Treasury selloffs as risk-off triggers (i.e. tantrum-like behavior), you may want to consider some new commentary out Wednesday from BofAML. As the bank's rates team notes, there are two distinct regimes chara