The bond market isn't tasked with underwriting any new long-term Treasury supply today, but it will have to digest the most recent refunding announcement (unveiling of new auction sizes).  Both 10 and 30yr bonds added another $3 billion to already-record auction amounts for next week.  As always, higher supply is bad for bonds, all other things being equal.  Today's more relevant economic reports  can also add to the volatility, but the biggest ticket remains Friday's jobs report.  Early trading has been modestly weaker, reinforcing the importance of recent floors and a shift from April's rally to a more range-bound trend.

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