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Investors are not selling equities and running to bonds as yields rise. Since January 2022, the S&P 500 is up 62.7% and the MSCI World 53%, while the US sovereign bond index is down 2.3% and the euro sovereign bond index is down 10.9%. The sovereign debt problem goes beyond yield. It is a solvency problem. Bonds stop protecting you from volatility when governments go past the economic, fiscal and inflationary limits of debt. A "safe asset" that loses value in real and nominal terms for almost five years does not hedge risk. It is the risk. via Bloomberg