Domestic bond markets were already slightly weaker at the start of US trading hours, but the stronger-than-expected ADP numbers have added fuel to that fire.  ADP came in at 217k vs 190k forecast and an upwardly-revised 196k previously.

Many market participants view this Friday's NFP data as the only dark horse that could upset the Fed's apparent resolve to hike rates in 2 weeks.  Because ADP is one of the better forward indicators of NFP, today's today solidifies the rate hike.

10yr yields are up a quick 3.5bps to 2.18 and Fannie 3.5s are down 5/32nds to 103-24. 

If there's anything on tap today that could have a bigger impact than ADP, it's Yellen.  She is ostensibly beginning the first of two of her speeches any moment now, but we have yet to see any wires.