The bond market has once again “stolen” the show. Higher yields are the topic du jour and have been impacting equities, and presumably crypto (though the ”GENIUS Act” and a commitment by this administration to move forward on crypto is also a big driver there). At the moment, this seems far more about narratives (or, more precisely, narratives lost), positioning, and some “funky” global dynamics, than anything truly fundamental. Narratives Lost The bond market was comfortable heading into this year based on: What seemed like a focus on deficit reduction. From the President to Bessent’s 3, 3, 3 mantra, there ... Time to Add Duration?