But the essence of the argument is that lower bond volatility ups the amount of cash liquidity flowing around world markets, and vice versa.
But it is the incremental movement in this giant pool that arguably matters most for stock markets and asset prices.
Even though global liquidity is shrinking as you might expect in the face of rising Western interest rates, central bank balance sheet reduction and a higher dollar, other offsets are significant.
But falling bond volatility has likely played a big part in softening the blow too.
"The two together have helped overall liquidity conditions - but we are mindful that bond markets are likely to remain volatile and need to be monitored carefully."
Persons:
CrossBorder, Mike Dolan, Matthew Lewis
Organizations:
Federal Reserve, coy, Treasury, Fed, Bank, People's Bank of, New York Fed, Reuters Graphics, Reuters, Thomson
Locations:
Treasuries, punchbowl, People's Bank of China, United States