Loads of capital worldwide spooked by falling US treasury yields and rising dollar. Typical short term reaction.
ASX materials always do well out of a rising US dollar as it increases AUD earnings. How long until people remember this?
And to be fair, the inflation story was frightening real investment. As interest rates rise a little, business leaders will assume things have returned to "situation normal". This is undoubtedly the Biden administration's supply side investment play (and appeasing the gods of capital after their fiscal intervention).
Lots of overvalued blue chip stocks worldwide are also up in the stratosphere on hot air. The question is how much they'll drag down the whole market when they finally pop and the "reflation trade" ends.
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