As commission-rakers and asset-gatherers cheer the rebound in stocks as if it means anything - remember, stocks are a discounting mechanism (like they were in February?) - bond markets are saying this is far from over.

5Y Treasury yields are now at record lows...

10Y yield is back within a few bps of the record low plunge...

And bonds and stocks are completely decoupled...

Who do you think will be right when this is all over?