The uptrend in bond Yields (2.05 - 2.2%) indicate NEGATIVE market condition as Gov. Bond PRICES are falling in line with Corporate bond prices.
Corporate bond prices were facing systemic crisis as their share prices did fall sharply in the last 2 weeks.
That’s why Banks issue hybrid notes (blue notes) that allow them to make payments instead of cash.
That's why Companies do buyback their shares to improve the value of issued shares and to help LT investors to forcus in dividends compared to current cash rate.
Rising interest rate can lead to another Equities root as the bond prices are depressed futher more.
Does the Fed really want to see a bond root?
Either ways Gold is a clear winner in the Fed's dovish or hawkish views.