The trust in central banks to continue to keep policy rates far below the natural interest rate and stand ready to save the equity market with more QE if needed currently feels everlasting. Central banks are forcing investors into equities and credits, no doubt, but we doubt they will assume any responsibility when the potential bubbles burst. The high sensitivity of bond yields to negative surprises has, however, also meant that long government bonds have outperformed global equities since the end of Q3 2018. Apart from the virus period, the most vicious outperformance of bonds has, as always, occurred during periods of negative macro surprises.Stock-to-bond returns and macro surprises