After recent liquidation, it seems the risk-reward is on the downside for the dollar and U.S. bonds.
To a great extent what is happening is just the normal ebb and flow of the market as interest rates rise.
The speed with which this move in the bond market is occurring is whipping around the much-smaller stock market.
The economy is running hot, without stoking runaway inflation, and Federal Reserve Chairman Jerome Powell is claiming some of the credit -- thanks to new-and-improved methods used by central bankers to set U.S. interest rates.
The news out of the Fed triggered computer programs to sell equities, but there is no follow through so far today.
Bonds soar to 73.5 cents on the dollar on improved company cash flow.