Is There a Shift in Expectations for COVID Vaccines?

The most of the move in treasury yields has been on the inflation expectations side, even though real rates have started to catch up. There has been some positioning effect, but you don't see the same sort of negative convexity or forced hedging is often blamed for a lot of these things. The high frequency community has been persistently making markets through this volatility and that's pretty unusual. Usually they drop off a lot more aggressively when it all picks up.