We've been anticipating this week of data for the past 3 weeks and it has been delivering on the promise of increased motivation for the bond market.  To make matters better, that motivation has been almost exclusively toward lower rates.  Today is the first day without any top tier econ data and coincidentally the first day without a decisive rally in bonds.  That said, there's no decisive selling either.  It is shaping up to serve as a very logical day of consolidation ahead of tomorrow's jobs report which in turn might not pack a normal punch with CPI coming up next Wednesday.

This morning's only big ticket event was actually the European Central Bank (ECB) announcement, but it hasn't produced a notable reaction--especially not in the US bond market.  The ECB cut rates for the first time since 2019, which was not only 100% expected, but almost 100% telegraphed by the ECB.  As such, markets focused on the subtly 20240606 open.png

There was a momentary spat of volatility after the 8:30am Jobless Claims data, but it was quickly traded out.  Yields continue holding the range established by said spat.  There are no additional economic reports for today.