Bond Vigilantes Remain Unhappy

It was not a happy day in the bond market. Neither was it a happy day in the stock market:

Bond Market. The 10-year Treasury bond yield rose to 4.45% this evening, up from a recent low of 4.01% on April 4, two days after Liberation Day. Yesterday, President Donald Trump partially postponed Liberation Day because the bond market was "tricky." It remained tricky today. Yields rose even though the March CPI inflation rate reported this morning was lower than expected. The Treasury reported today that the federal budget deficit totaled $2.1 trillion over the past 12 months (chart). It was $2.6 trillion over the past six months at an annual rate.