Well that accelerated quickly. Higher bond yields have sent global equities abruptly lower with more to come today. After so many years of unprecedented monetary policy and very low yields, the sensitivity to higher yields should not be underestimated. In this edition of Ethos we share our long term view that higher bond yields could be the trigger that ends this current bull market phase of the cycle. Given the preponderance of our market cycle indicators that remain positive, we don’t think this is the start of the end and will likely be a buying opportunity. But it may be a sampler of things to come in the quarters or years ahead as the world weens itself off super low yields.