The 20+ year Lehman bond index (AMEX: TLT) is down from 94.04 at yesterday's close to about 93. That's a drop of more than 1 pct in 90 minutes, and an indication that interest rates are going up. The equity market does not like that, and the Dow 30 index is now down about "20 points.

As an aside, forget the timeline on the daily data chart because it is GMT, not EDT.

Here is my "Bonds" monitor, which indicates that the principal value of bonds is down, and yields up.

Note that the Canadian bond market has so far been unaffected today by the U.S. economic report.

I suppose that bonds are down because traders are now thinking that, in a slowing economic environment, the U.S. Fed will not hike rates as fast or as long.

As confirmation, I see that GLD is well up on the morning, with bullion up +3.10.