It can be comforting to reduce a multi-factor system change to one variable to explain away a time period… it’s probably all the factors mentioned in the blog and more. When it comes to human psychology, we, as market investors, have the tendency to not always be rational and think the worst. It is taking a while for investors to recalibrate to a rising rate environment…something that many have been thinking about in the back of their heads…others not at all, in part due to youth or naivety. The run is prices could be investors realising they overdid it in the sell off..