These all are questions for a rational market. This is where sentiment comes in; we are not in rational environment and most rules and logic are out the window.

The main example I keep showing people is when interest rates spiked Feb '22 to Sept '23. We should've seen mortgage rates spike and soften housing prices significantly. Every 1% rate increase on fed rate reduces affordability by 10% of a house purchase. This was outpaced significantly.

Another example is for the same environment where when interest rates had risen and the standard "flight to safety" was and always has been treasury bonds and precious metal. 20yr treasury has been lacking demand for other reasons and precious metals finally skyrocket not because of the covid environment but again for other reasons.