In the long-standing old relationship between stocks and bonds, when stocks fall, safe haven assets like US bonds can offset losses, a relationship that has been questioned in recent years. Especially in 2022, bonds were unable to provide any protection during a stock market downturn. However, with the recent turbulence in the US stock market, the traditional inverse correlation between US stocks and US bonds is being re-established. In the first three trading days of August, the S&P 500 index fell by about 6%, while US bonds rose by nearly 2%. As shown in the chart, the one-month correlation between US stocks and US bonds last week reached the largest negative value since the regional banking crisis in the US last year. A correlation approaching 1 indicates that the two asset classes are moving in a more synchronized manner, while approaching -1 indicates that they are moving in opposite directions.