It's stocks vs bonds: These markets are dueling over fate of global growth

In the simplest terms, bonds investors are screaming recession, while equity and credit traders refuse to hear it

For all the shine and sophistication, for all the jargon, algos, robots and quants, financial markets are still only this: Buyers buying and sellers selling, times a billion.

Behind every trade -- perhaps far behind -- there is an actual human person. Two, in fact. And because humans disagree a lot, markets do too.

And do they ever disagree just now.

The front line pits risky assets like stocks against the safest securities, namely bonds, and it’s there that the war is being fought now. The S&P 500 just had its best week since November. Yet in fixed income, Treasury yields are near