Seriously... No One Seems to Know

Today's most prominent feature was a large, rapid move in Fed Funds Futures and other short-term rate metrics.  Longer term rates benefited as well, but short term rates clearly led the rally. The issue is that there was no obvious catalyst.  Some reports suggested "regional bank fears," but it's hard to document that with the timing of market movement. Other considerations may include comments from Fed's Waller, but those were over 2 hours before the bond rally.  To be sure, regional banks had a terrible day, but there too, the biggest volume and volatility transpired about 2 hours before the move in Fed Funds Futures. Whatever the truest, most nitty-gritty catalyst, we'll take it!