"Bearish of the bears point to the 1970s and potential stagflation. At this point, we have peak inflation and peak hawkishness. I expect a relief rally if inflation turns and the Fed is less hawkish," says Phil Mesman. How is volatility impacting the bond market? Mesman assesses the current state of inflation in the U.S. "I have observed financial assets adjusting to interest rates going from 0 bound to 2 - 2.5%. Government bonds are not attractive currently. However, I do like short duration corporate bonds," he adds.