The big theme at the moment is rising bond yields as key central banks attempt to move away from the era of extraordinarily loose monetary policy and zero interest rates. This is due mainly to rising levels of inflation, higher rates of employment and steady growth across many developed economies.
Stocks, the dollar and bond yields all drifted lower on Monday as investors cashed in on some of their recent bets that the anticipated fiscal boost from the incoming Trump administration will support riskier assets at the expense of bonds.
There were a lot of reports and surveys over the last week indicating consensus view that treasury rates are scheduled to move higher in 2015. Laggards have taken positions in the last few sessions and shorts are held in weaker hands.