Chart above shows the extent of the bond market route. The yield change here refers to the change in 10-year benchmark bond yield from the lowest seen in the previous 90 calendar days (3-months). At 200 bps today, this is the highest we have seen in recent times. I included data from Dec 2000 in this study. Going back into the 90s when rates were much higher and the economy was a lot more closed did not make sense to me.