In a year defined by the coronavirus pandemic and extreme financial market volatility, the collapse in Treasury yields has been historic. Two emergency rate cuts by the Fed in March coupled with aggressive quantitative easing measures helped push interest rates to record low levels. The setup has been a bonanza for Treasuries and long bonds, also benefiting in a flight to safety. While the unprecedented level of stimulus measures has helped to support liquidity and stabilize the near-term economic outlook, ongoing uncertainty and weak credit conditions have led to an under-performance in corporate bonds. We