Bond yields broke out a whole week before the markets tanked...

Bond yields broke out a whole week before the markets tanked last week. It doesn't even take a day - much less a week - for markets to adjust for new information. So the rates narrative was just an easy catchcry for talking heads imo. Coporate earnings perhaps had more to do with the move.

Whatever the cause, technical (and confidence) damage done, which will take a while to mend.