Not too often of late that we've seen Treasuries AND stocks break together on inflation data. At the end of the day higher rates are THE most bearish item in the equity universe. Me thinks the Fed is DONE trying to protect the market at THESE levels. Can't say they didn't try, lol.
I tend to believe that higher rates are indicative of a healthy/overheating economy while easings tend to be a sign of weakness. We'll see after the S&P gets unpinned from 1500 at expiration next week.