Click on Chart to Zoom in
Notice how that is not what's happening today.
In fact, Treasury Bonds are catching absolutely no bid, even on days where the Dow and S&P500 are selling off.
Money is flowing into High Yield, faster than Treasuries, as represented by the new highs in the spread. And in case the duration police gets a hold of this one, the HYG/IEF spread looks exactly the same, and also warned of that same trouble a year ago.
That's what this is all about.
Credit.
And Credit is fine.
When things change, you'll see it in the bond market.
Tell me why you aren't.
JC