Since the beginning of the year, US 10-year T-bill yields have steepened from 2.4% to 3.1%, driving the negative annual cumulative performance in these bonds, which have been considered a very low-risk category for over 30 years now, beyond -4%. During Q1 2018, for only the fifth time in 20 years and the first time in almost 10 years, US sovereign bonds fell in tandem with equities by more than 1%. More generally, the number of downturns in equitiesandbonds[i]occurring simultaneously among developed markets has trended higher lately. Are we at the dawn of a change in paradigm in the relationship between equities and bonds, which could have major implications for multi-asset class portfolios, also known as balanced-profile portfolios?