What just happened in the bond market? The 10-year note yield is...

What just happened in the bond market?
The 10-year note yield is now up over 20 basis points in since Friday's intraday low.
That's 20 basis points in a matter of hours without any material news.
For the first time in almost 5 weeks, the 10-year note yield is set to break above 4.50%.
Bond markets are trading like rate cuts got cancelled and inflation is on the rise.
Are bond markets telling us something?

https://x.com/KobeissiLetter/status/1807764149126009027

...the bond market was reacting to the Supreme Court decision on Trump's partial immunity, raising belief that Trump's path to victory has widened.

....so the bond market is expressing that Trump would be inflationary.

....not good for EV/Lithium in a few ways
1. Trump won't be helpful for EV/Lithium, he will remove or water down the Inflation Reduction Act
2. Rates would stay higher for longer as the market voted, which would be negative for auto demand
3. US lithium stocks reacted in neutral to negative way and failed to bounce in tandem with other commodity stocks in general.

As I had warned here, as we get closer to the Trump victory narrative, the market would sell down lithium stocks all the way to the election date.