Stock traders don't normally talk about bond auctions, but all this week the 10-year Treasury auction that will happen on Wednesday has been the main subject of conversation.
"It's been a long time since stock traders have cared about bond auctions," Matt Maley from Miller Tabak told me. "The number one issue for the stock market now is bond yields."
This belief is widely held on the Street: With the reopening story now largely priced into stocks, interest rates are the marginal mover of the markets.
You could smell the panic among stock traders as the 10-year yield moved from 1.1% to 1.5% in less than two weeks at the end of February, which caused tech stocks to tank. Some bond vigilantes predicted yields could move toward 2%.