Core FI rallies with no obvious triggers

Core fixed income has been on the front foot this morning, breaking to multi-session highs but with no obvious triggers. Much of the reason for the rally has been attributed to technical levels being breached and stops triggered, but the moves seem to be rather large given that there have been no macro, political or headline triggers. Indeed, the moves aren't consistent with moves seen in equities.

• It's another pretty quiet day on the calendar with US weekly claims data and a speech from the ECB's Knot the highlights.
• TY1 futures are up 0-3 today at 137-00+ with 10y UST yields down -0.8bp at 1.134% and 2y yields up 0.2bp at 0.110%.
• Bund futures are up 0.45 today at 176.55 with 10y Bund yields down -3.1bp at -0.469% and Schatz yields down -1.2bp at -0.730%.
• Gilt futures are up 0.21 today at 132.51 with 10y yields down -2.6bp at 0.462% and 2y yields down -1.3bp at -0.48%.