Stocks are rallying. Bonds are selling off.
I don't see a stock rally. ~6% from the bottom is not a rally in my opinion.
If I was forced to judge who is right I would say that bonds investors. Mostly because US bond market is much bigger -
worth ~$50 trillion while stock market only ~
$25 trillion but... from the other hand its common to see a smaller market to act like an indicator for bigger market because its much easier to move it and its easier, for a whale, to dump less liquid asset when whole market is pumping. For instance BTC ATH was 2 months before SP500 ATH.
But to my knowledge bonds and stocks are mostly moving in different directions. For instance in 2008, when stocks were hitting bottom, bonds spiked to ATH. So its not about who is right.
SP500 and TLT(ISHARES 20+ YEAR TREASURY BOND ETF) on monthly charts.