It's a very strong week for auctions, compared to other weeks in the year. It's very unusual to have so much supply concentrated in one week. |
Longer term, because rates are going to go up, the outlook for yields is going to be for them to be going higher. |
The market is keen to see that evidence of stronger growth and inflation is confirmed in economic data. Uncertainty over that might help the bond market given we've had a big drop already this year. |
There's no evidence of a pick-up in inflation. The whole market seems to have good momentum, it will be difficult to break the mood. |