So, “no fear” characterizes the bond market as well as the equity market. Crowd psychology is virtually unanimous and invariably wrong at big turning points. We’re at such a turning point. There is money to be made lending money to the U.S. government short term, for a period no longer than six months, what’s known as a T-bill roll. The government won't technically default; it can always redeem its fiat debt with more fiat debt. Short-term rates will ratchet higher with the rest of the yield curve. By rolling your investment, you can be a beneficiary rather than a victim of higher rates.

Any other exposure to debt or equity markets is playing on the beach just before the tsunami makes landfall.

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