It's the inflation, stupid
Not only was the overall index above expectations (63 vs. 60), the prices paid sub-index surged to 70.5 from 60.5 in March. The April reading is the highest since November. The group's manufacturing prices paid indicator also jumped -- to 71.5 in April from 66.5 a month earlier. That's also a six-month high.
Then there's all the stuff I've talked about before -- long term bond yields rising more than short-term ones, the nominal/TIPS yield spread blowing out, etc., etc. If former President Bill Clinton were still in office, he just might say: "It's the inflation, stupid!"