As seen in the following chart from the morning commentary, bond yields began the morning by rising of their own volition.  After hitting yesterday's highest levels, it looks like the may be reconsidering.

Here's an updated version of the same chart:

The .72-.75  range is an established ceiling for yields in the short term with a high volume bounce at .74 on May 6th and two follow-up bounces on Monday and Tuesday of last week.  Now this week, we have twin bounces at .745 today and yesterday.  

Remember, there's no implication about the future in a technical ceiling--just increased significance in the event of a breakout.  In other words, if yields move higher, it speaks to weakness that is more than just random.  But as long as that's not happening, things are good for now.

The next big event is the Powell testimony (with Mnuchin) at 10am.  We already have the prepared remarks, but there will allegedly be Q&A with congress.

10yr yields are now down .722 and UMBS just ticked into positive territory.