This past week we have seen disruptions in the biggest global markets which nobody has witnessed before. Touché. 15 years ago on this same mid-March weekend, Bear Stearns went under and needed a bailout. Much closer to home, 3 years ago to the day yesterday, the Fed dropped rates to 0% and announced the first bazooka of $700bn in QE in response to the 2020 COVID lockdowns. This week, the world's most liquid markets - the large DM sovereign bond markets, have been trading like an Altcoin. US Treasuries, which we have constantly looked to for directional signals, had an unheard of 12-sigma move. The 1-year yield, which sits at the front-end with minimal duration risk, fell a mind-blowing 127bp in just 5 trading days from last Thursday's