It was obvious as far back as this past April that the positive connection between stocks and the Treasury market’s inflation forecast in recent years was coming apart. As the weeks rolled on and the divergence persisted, it was also clear that the break signaled a substantial change in the macro-market outlook. Exactly what was changing wasn’t conspicous early on, but it now appears that we’re finally at the point of transitioning to something approximating normality. It’s been a long time coming. It looks like the end of the world to some, but the apocalyptic narrative in this case is one more overbaked view of the future until the numbers tell us differently.