The world "resilient" has frequently been repeated in the commentary over the past two weeks, and today is already shaping up to be worth adding to the list. Despite higher ADP employment, higher job openings (via JOLTS data), anxiety over Powell's 2nd day of testimony, and a looming 10yr Treasury auction, bonds have remained in positive territory in early trading. It would be hard to label this as anything other than resilient. That said, resilience speaks more to an absence of additional weakness than to a significant counterattack. The latter would require downbeat data (particularly NFP and CPI).