Liquidity. The lack there of has led to a global bond sell-off worldwide. The Volcker Rule and Basil III that require banks to cut back on uncertain activities and holdings have cut trading activity. Add in that the Central Bank bond purchases has limited the supply of bonds and you end up with a liquidity crunch. Nonetheless, the venerable bond guru Bill Gross doesn’t believe we’re in a bear market yet. And though he’s not the only bond market expert out there the immortal question still remains - interest rate trend or temporary spike?