An alternate view I've seen is to look at the last 30(+) years as a giant bull market in bonds that is slowly, finally, coming to a close[0][1]
[0] https://www.bloomberg.com/news/articles/2018-01-10/is-the-30...
[1] https://www.forbes.com/sites/adamsarhan/2016/11/16/is-the-30...