The Everything Bubble is bursting.
After the 2008 Crisis, global central banks created a bubble in the sovereign bond market via ZIRP and QE. Because these bonds are the bedrock of our current financial system, when Central Banks created a bubble in this asset class, they were effectively creating bubbles in EVERYTHING.
That bubble is now bursting.
Historically, when stocks collapse as they did yesterday, the bond market rallies. Not yesterday. Both stocks AND bonds finished the day DOWN.