Why are bonds rallying?

Following today's QRA, the focus is now back on shorter-dated T-bills, instead of longer-dated bonds.

This surprised the market to the upside (a good surprise), as investors are now less worried that the supply of longer-dated bonds won't overwhelm demand.

The Overnight Reverse Repurchase (ORR) market comes back into play... as an absorber to the relatively large T-bill issuance.

This is generally net positive for US net liquidity...

Which is generally net positive for risk assets.

Santa rally in play.