For the last several years, the money pump has been running full-tilt. And in spite of the Gummint preaching "inflation is 2%... don't worry, be happy", the REAL inflation rate has been closer to 10%. Yet all along, the bonds ignored the obvious inflation and held in at high prices (low yields). It has become apparent... smart money was buying bonds as a safety play against exactly what is happening now. Bonds are down about 10%, while nearly EVERYTHING else is down 40-ish%, and more.