Trump just announced the Russia-Ukraine 'energy ceasefire.' But the market's real reaction is hidden in another number. U.S. 10-year Treasury yield: 5.36%, the highest since 2002. On one side, there's the ceasefire news; on the other, borrowing costs at a 24-year high. Trump can stop the guns in Russia and Ukraine, but he can't stop the sell-off in U.S. Treasuries. The 'energy ceasefire' might suppress oil prices, but it can't cool down the global capital tug-of-war. AI giants are issuing bonds, the U.S. government is issuing bonds, Japan is pulling out. The ceasefire only removes one reason for oil prices to rise. But the bond market is busy repricing all assets. Bitcoin is struggling at $83,000, Nasdaq is hovering near historic highs, South Korea's stock market plunged 5.39% in a week. The ceasefire is good news. But the market is trading something else.