For a long time, one acronym reigned supreme on Wall Street — TINA, or “there is no alternative,” which was used to talk about the allure of stocks in a low interest-rate environment. But now, BARB — or “bonds are back” — is the new queen.

While the crypto horror show rages on, stocks have quietly rallied almost 10% in the last month amid cautious optimism that the worst of the inflation shock is over. But might it be a head-fake?