Bond markets were weaker overnight.  Treasuries didn't trade in Asia due to market holidays but moved higher in yield at the start of the overnight session.  Supply trepidation is a central theme this week, as is the gradual rise in yields after hitting lows on April 21st.  One could argue that broader market momentum is a consideration as well, with stocks higher day-over-day and oil prices continuing a modest recovery.

10yr yields are up 3.3bps at .663--very close to the next important pivot point from April 27th highs at .678.  2.5 UMBS are down 3 ticks (0.09) at 103-30.   Today's only significant econ data is the 10am ISM Non-Manufacturing PMI.