Was That the Bottom in Bonds?

Last week was another relatively volatile one, with big up and down swings which have been uncharacteristic of honey-badger stock-market movement this year. Clearly the Fed has grown worried that its "confuse and conquer" strategy is creating unintended ripple effects across the globe.

Since QE tapering talk began, yields have spiked, emerging-market currencies, stocks and bonds fell very hard, and defensive sectors have started showing signs of strength.