According to Nomura, UST Shorts are Still Covering

We're seeing a not so unexpected bounce in Treasuries, which could potetially see the 10Y yield back at the 1.50% level as early as today. Having said that, on the monthly timeframe, we're looking at an RSI of 53, so we still have room to run, potentially to the 2% - 2.25% level by EOM. Let's see how the cookie crumbles as bond bears potentially get ready to take advantage of the new liquidity...