A decade ago I was in my car at a stoplight, and there was a bunch of seagulls eating a discarded bag of fast food in the intersection.

When the light turned green, the car in front of me went slowly to give the seagulls a chance to fly away, but they didn't. Instead, the car's tire just slowly ran over a whole pile of seagulls, who just kept going after the fast food as they were run over. I just watched horrified as this played out.

Every once in a while, I just wonder why the seagulls never got out of the way despite how slow the threat was.

Anyway, looking at the bond market reminded me of this again today.