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As waves of capital poured into U.S. Treasuries this year, causing bond yields to fall precipitously, the flight-to-quality trade sparked fears of recession and worse.
Federal Reserve officials registering inflows into Treasuries as a sign of investor fear had to soothe markets with talk of interest rate cuts.
Bond markets, anticipating future rate cuts, saw more capital inflows.
Treasury prices rose further with the bond rally, lifting stocks back up toward record territory.
That's what everyone sees on the surface, but there's a lot more to the story, and it's not all good.