One of the more confounding aspects of the record bond selloff experienced in the past few days, is that it not only left broader equity indices unscathed, but took place as the Dow Jones hit a new record high. This, as Goldman explains, is problematic, given that the ‘low yields for longer’ theme, i.e., the infamous “Fed Model” which was used to justify record high stock multiples purely as a function of record low bond yields, that underpins the valuation of several financial assets is under scrutiny.