There is a reasonable risk-return trade-off here.

A lot of times the bonds trade closer to investment grade before the actual ratings get there. The market has already baked it in.

The risk of protectionist pressures is rising. If there was a trade war, over the medium term both would lose.

We got lots of new guys and we're really tight this year. We go out and play a little Risk and board games.

These and other potential health effects yield a classic risk-risk trade-off.

Earnings growth seems to be intact, and with U.S. risk receding, it should help stocks to trade higher from here.