10-year yields have jumped roughly 20bp in the past week and the dollar is up about 1%, but breakeven inflation expectations haven't budged, still sitting around 2.34%. That looks like a real yield story, not an inflation scare.
VIX, meanwhile, just closed near its calmest levels of the month, equities haven't reacted to any of it yet. Which side gives first: vol repricing higher, or yields rolling back over?