Are bonds becoming the most important market again?

For years, bonds were basically irrelevant.

Rates were near zero, volatility was dead, and most investors focused entirely on equities.

But that seems to be changing.

Japan yields are rising.

Volatility in fixed income is coming back.

And suddenly, bonds are starting to move broader markets again.

What’s interesting is that most portfolios still behave like we’re in a "low forever" world — even though that assumption is clearly breaking down.

I built BondStats to better understand things like duration risk and yield sensitivity, because I felt there wasn’t a simple way to visualize how rate changes actually impact portfolios.

Curious how others are thinking about this:

Are bonds just noise again, or are they becoming the main driver behind markets?