It must be technicals, right? As we discussed here, there are numerous reasons for rates to be low and going lower [2] but the world of talking-heads will have us all believe that this is simple positioning and the rally is 'short covering'. In the interests of helping to dismiss that myth, here is CFTC's 10Y Treasury Futures Total Shorts... showing the 'dramatic' short covering that occurred this week...
[3]
Charts: Bloomberg