You're describing the same thing from different perspectives. Bond prices are down, this means yields grow, and thus become more attractive investments than hi

You're describing the same thing from different perspectives. Bond prices are down, this means yields grow, and thus become more attractive investments than high P/E stocks. I think the reason this sounds unintuitive is because the bond market isn't exactly a "free market" in the general sense. The Fed is manipulating the money market to set bond yields, so from a causative point of view, the yields rise first, which cause a drop in bond prices, which make buying bonds attractive for investors, who then, as a result, shift assets from stocks to bonds. (disclaimer: just speaking from knowledge gleaned from, among all things, youtube videos :D definitely not an economist !)