Short-covering in Treasuries and a third wave in Europe

I expect to see more of the bear market in bonds in due course. Eventually, I think it's the sell off in Treasuries that will force the Fed's hand. But right now, that is a crowded trade. We've got some negative Covid-19 data out of Europe and some negative retail sales data out of the US this morning that could cause the backup in yields to take a brea…