Hello Ironically, the recent ME oil crisis has sent bond yields down (deflation) and yet the increased oil price is of course inflationary. Any comments? In terms of the overall effect, theres obviously competing elements at play with different emphasis in the developed vs emerging markets. What would be the situation where things become more extreme, with commoditys rocketing up, adversely effecting the stock market and sending yields down - it seems deflation could coexist with rising commodity prices, increasingly supplanting currencies.