Just to remind me that the real return of bonds has beat that of stocks for the past 20 years, Edwards, of Societe Generale, points out that if a recession were to recur due to FED raising rates, US Treasury long rates could drop from over 2% to zero or lower. That could give 100%+ gains. This what's happened to UK bonds (gilts) this year and to Japanese bonds too.
Of course this is what has happened for long Treasurys and SP500 stocks for 20 years, and not what will necessarily happen in future.
Here is a chart first published here in 2009 targeting a low for the PPI this year. There is increasing cycle, sentiment, economic, and technical evidence for bottoms in PPI, the stock earnings/price ratio and bond yields in this next month. We'll simply have to see, but I am gradually and modestly positioning in metals and stocks on bigger down days. More later.