The most vital thing to remember is that markets are forward looking. Prices will adjust much in advance of events actually appearing in the economy. This point could not be better illustrated than in the bond market. Prices hit their lows around January 20th of last year yet the Fed did not actually start easing until the end of last year. This turned out to be a correct call being profitable for those who followed it.
History can be a very powerful tool in investment research.
When someone says it is different this time it is usually your first warning to re-think your investment strategy. Usually it is not different. This is the precise situation we are in and we believe this will occur again this time around. What to do with bonds. Maintain asset diversification.