US equities face a big challenge with rates jumping but futures only moderately lower

I tend to think equities are slow to react to changes in the bond market and outlook for rates. That might be unfolding at the moment with S&P 500 futures down only 23 points, even as borrowing rates jump 10 bps at the front end and a 50 bps hike is placed squarely on the table.
An inflati