Are CTAs Behind The Bond Rally?

Well, anyone who was frustrated with 10Y yields closing in on a 1 handle is likely a little less irritated on Monday. The broad risk-on move now has yields up some 7bps on 10s, although in the grand scheme of things, 2.12 and change probably isn't what everyone had in mind in January when "short USTs" was supposed to be a "no-brainer" trade. As noted earlier, there's an increasingly vociferous debate going on right now about whether the rally in bonds has run too far or whether fiscal uncert