"Why now?", a couple of my favorite strategists asked, in the wake of a brutal selloff on Wall Street and an extension of what, by now, can fairly be characterized as an inexorable bond rally. They were talking specifically about the curve flattener, but that simple question is a good jumping-off point. 10-year US yields ended near the lows, at 1.172%, flattening the 2s10s. Futures volumes were robust. Note that as of Monday afternoon, benchmark US yields were almost 60bps from the 2021 highs.