The Federal Reserve's easing cycle remains unchanged despite last week's inflation report. Quant-driven fund managers have been swapping fixed-income investments for equities, causing the yield on 10-year U.S. Treasury bonds to rise from 3.6% to 4.1%. This has led to a fall in bond prices and a subsequent increase in yields. Despite this, some stock-market doomsayers are trying to argue that stocks cannot continue to rally, but they are not considering the bigger picture.