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.
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.
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.
