Since mid-March, the rate on the 10-year Treasury bond has eased from 1.74% to just 1.30%, despite rising inflation. Partly it’s Fed Chair Powell’s consistent message that inflation is transitory, but there’s more. Monetary stimulus is expected to be removed earlier than previously thought, less fiscal stimulus is anticipated from DC, the new Delta variant could stall the recovery, recent economic data has been lackluster, and supply-chain/labor-market bottlenecks continue unabated.