Maybe the bonds are just pricing in rate risk. Investors see a steeper yield curve associated with growth and higher short-term rates b/c the Fed can't keep the pedal to the metal indefinitely.

Not counting our own tiny businesses, my family is still heavily in large cap, putting any new investment into short-term bonds, and writing some calls--- the bearish outlook we've had in years, but not predicting a crash. I am interested to see what happens to the party as they take away the punch bowl.