This would explain (for example) the relative "overbought" pricing I see in my reset preferred's...which I have been puzzling over for a while,though not complaining.
The income seeking/mildly risk averse segment of the market just moved some $$ from equity  (dividends) to corporate/preferred income....
You have to think outside the box....I mean,when was the last time we had 1.5% Treasury yields,negative yields (Germany)...??