As Russ explains, bonds may not be providing significant income, but still offer a hedge against equity risk.
The coronavirus poses a unique and difficult to quantify threat to health, the economy and financial markets. One manifestation of this has been how fast stocks and other risky assets have collapsed. But while the catalyst is without precedent, other aspects of investor behavior have conformed to well-established patterns. As stocks cratered, traditional "safe-haven" assets rose (see Chart 1). Even today, despite record low yields, I would continue to advocate for Treasuries as a hedge, albeit with