So far this year, the U.S. equity market has both set new record highs and experienced more than a –6% return in a single month. Even while garnering headlines, stock market performance may not be the most notable part of 2019. Bond yields have fallen dramatically this year: After peaking at 3.24% in early November 2018, the U.S. 10-year yield has fallen more than 100 basis points (bps). In fact, May’s 38 bps decline was the largest in a single month since early 2015.   Softening global growth, uncertainty stemming from U.S.–China tensions — and perhaps a recognition of the real and likely protracted nature of ... (full story)