The Fed completed destroyed the age-old natural process of price discovery on the bond market with their unprecedented intervention & manipulation when COVID first hit, not only with their massive purchases of gov’t bonds but also corp’s. They’ve since moved from QE to QT but that still distorts price discovery between ‘natural’ buyers & sellers.

I’ve also spoke to the unusual cross-currents with the supply/demand dynamics for Treasuries recently with the typical impact of inflation, which historically causes bond yields to rise, with the offsetting impact of lowered growth expectations for the economy (which typically causes bond yields to fall).

I’ve been trading bond futures fairly often recently, both long & short, but just trying not to read too much into what rising or falling yields might mean for the stock market at this time as the historical risk on/risk off thing was completely disconnected since the bear market started last last year (NDX)/early this yr (SPX) with Treasury prices & the stock market both falling in tandem.