This a great editorial from Jim O’Neill, the former head of Goldman Sachs Asset Mangement, the snippets below are what I found to be most interesting: 

• A return to normality eventually implies a benchmark 10-year Treasury yield of 4 percent or more
• In recent years, the search for yield has gone wider and deeper. The resulting deviation from normal valuations has been amplified by the shift of pension funds and insurance companies out of equities into fashionable bonds…
• This time, they say, when the Fed and others make their move to withdraw monetary stimulus, the fallout will be nothing to worry about. The past few weeks say otherwise.
• As people fall out of love with bonds, they’ll fall back in love with equities.

Source: Bloomberg