[jfengel]

It's an interesting theory, but it only holds if people still trust the US bond market. And with such an erratic administration, I wouldn't count on that.

Right now bond rates are pretty high, even with the market crashing/correcting. Just because people are selling stock doesn't mean that they'll automatically switch to bonds. That used to be true, but it's a dicey thing to count on right now.

Of course the current administration believes that it's extremely trustworthy and will salvage the economy, and make those bonds an excellent deal. That over-confidence is perhaps the best reason to believe the opposite. But an awful lot of Americans voted for this administration, so perhaps they'll make it a success anyway.