Responding to the likely passage of the American Rescue Plan, massive increases in fiscal and monetary stimulus, and fading virus concerns, bond markets threw an inflation tantrum at month end. Bondvigilantesdroveyieldshigherandthestockmarkettooknote,fallingsubstantiallyfrommid-monthhighs. Given the state of the economy and central bank resolve, rising rates won’t meaningfully limit economic recovery. Conditions for bonds, however, are bad and an impediment to stocks and long-duration assets.