I think it depends on the reason for the bond market (presumably you mean Treasuries here) plummeting.
It could be out of credit concerns. It could be because the stock market has turned and people are abandoning pitiful yields for stocks again. It could be because of interest rates and/or inflation. Each of these could impact segments of the credit markets differently.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)