Where Are the Bond Vigilantes This Morning?

Benchmark 10-Year YIELD:

Humor me, please!  In theory, isn't the long end of the curve supposed to react most acutely to signs of inflation? Where are the Bond Vigilantes this morning? 

Yesterday, YIELD settled at 4.24%. After this AM's shockingly hot July PPI report, 10-year YIELD is 4.26%!  

Technically (see my attachd Daily chart), for YIELD to regain upside traction, it needs to climb and sustain above heavy, consequential resistance from 4.31% (the down-sloping 20 DMA) to 4.35% (the down-sloping 50 DMA). In the absence of such an upmove, YIELD remains in the grasp of the downleg from the mid-July high of 4.49% that projects into the 4.12% to 4.07% lower target window... 

Exactly what spin the markets will put on the muted reaction to PPI remains to be seen, otherwise, let's see if there is a delayed upside reaction later today...