What Happens Next?

As we noted previously, each time the bond market has crashed in the last few decades, a financial crisis has quickly followed.

 

However, perhaps more perscient in the current exuberant 'buy the f**king all time highs' regime in US stocks, is the decoupling we have seen with global stocks.

 

Since the taper-tantrum in 2013, we have seen four 'meltdowns' in global bonds... and guess what happened next?

 

But it's probably different this time, right?