Bond yields cratered as volatile stock markets experienced losses. Struggling with slow growth and low inflation, central banks are returning to aggressive stimulus. With gold and reserve currencies up, bond yields near zero and in many cases negative, and commodity prices falling, markets are worried central banks won’t have what it takes prospectively to engineer growth. Earnings yields still favor stocks, and the US consumer is strong. We believe spending will continue and that bond markets are overly pessimistic at this time.