Why is the bond market so happy?

The Economist’s Buttonwood columnist, sounding more and more like Michael Lewis by the day, muses aloud the current ahistorical disconnect between the bond market and the economy — things are getting better in the economy, yet the bond market hasn’t fallen (as would ordinarily be the case). He/she/it concludes bearishly, even for him/her/it, reciting the bear’s mantra: “Oh save us from protectionism, private debt, and public deficit, so help me market.”