Today was a freebie for bond markets (and stocks to some extent).  In the grand scheme of things, no one will look back at today and conclude anything meaningful.  If anything, it will just look like a very calm, very flat trading day following a 3-day weekend for bonds.

Yields hit new 7-year+ highs in the overnight session, but early domestic traders were finally interested in owning bonds at current levels.  Several big block trades hit the screen just before and after 8am ET, and these effectively set the tone for the rest of the morning.  

In the absence of data and despite a bounce in stocks (not that we should expect stocks and bonds to be moving in the same direction at the moment), bonds continued drifting toward their best levels of the day just after 11am.  They stayed sideways in that range--quite uneventfully--for the rest of the session.

The week gets more serious tomorrow with the onset of economic data and Treasury auctions, but Thursday is even more relevant due to the 8:30am CPI report.