The economic recovery is accelerating in the US, and Joe Biden has just announced more plans to spend trillions of dollars on infrastructure upgrades.
But, as the strength of the recovery is leading to more risk-taking, the unintended consequences of stimulative policy are beginning to attract more attention.
All asset classes advanced last week as a combination of quarterly portfolio rebalancing, tame inflation data and European lockdowns eased pressure on bond yields.
Looks very likely that the upward pressure on bond yields will resume before long, likely to pave the way for more volatility
Bond yields rose again last week.
The Bank of England left rates unchanged, the Bank of Japan made a rare adjustment to its policy outlook, while the head of the Turkish central bank was fired for raising rates by 2%.
In Europe, Brazil and India, coronavirus cases are rising again.