Bonds are receiving a lot of attention right now as the consequences of last week's Budget filter through to the markets and investors - both professional and retail.
But historically bonds have been a good diversifier in one's portfolios, an alternative asset class for when equities are falling. However, central bank and government policy have altered that dynamic, following the financial crisis, when the Bank of England stepped in and bought gilts, creating extra liquidity.
This had the consequence of making bonds move in the same direction as equities, taking away one of their chief roles as a diversifier. But looking more closely, how should investors view bonds? One option is to look at high yield bonds, always considered to be riskier, but at present they provide more diversification.
As stock markets try to make sense of the recent Budget, bonds can be one place where some of these dynamics play out
