Central Banks are Still Hawkishly Accelerating

One of the more interesting dynamics in fixed income markets right now is the divergence between yield and volatility. The price action since last week and especially post Fridays payrolls report is emblematic of developing theme in rates, vol & yield are no longer headed in the same in the direction. This is a theme that I began to look at in last weeks Cheap Convexity post and the question to me now, into a busy time period for central banks, is this sort of falling volatility dynamic backed up by central bank communication/action?