Liquidity.  There is a ton of liquidity in the system.  And if there were any shock event, we know exactly how global central banks would respond:  "more liquidity."

With that, equity prices continue to march higher, with plenty of tailwinds.  

Bonds, on the other hand, look like perhaps there is a geopolitical risk story being acknowledged.  Yields on the ten-year Treasury note traded back down to 1.21% today – from 1.37% just two trading days ago.

The question is:  With the quick collapse of the Afghan government, upon the withdrawal of U.S. troops, does it embolden China to act on Taiwan? 

Chinese state-owned media has already planted the seed to question the resolve of the U.S., to defend Taiwan, if China were to invade Taiwan.  If fact, as you can see in the tweet below, the language suggests when, not if "war breaks out in the Straits."