The stock market isn’t a happy camper. Yesterday’s 3% drop in the S&P 500 was a sign that the deflationary worries that revived in May are still considered a real and present danger, including the possibility that the disease may affect the mother of all headline pricing series: GDP. No wonder that with a renewed worry over the D risk, government bonds are hot once more, with rising demand pushing the yield on the benchmark 10-year Note under 3% yesterday for the first time since April 2009.