There weren't any huge, obvious market movers in the overnight session.  The average analyst is chalking up bond gains to good old "global growth concerns"  due to weak data in China/Japan and a few other headlines (i.e. business bankruptcies getting more attention). 

First off, there really wasn't much movement overnight or this morning.  If forced to comment on the modest swings, it might make more sense to focus on context clues that suggest traders were reacting to a few Fed speeches after yesterday's close. 

Both Goolsbee and Logan shared similar thoughts on the topic of the Fed rate hike cycle now shifting to "rate hold" cycle.  The only real context clue regarding the market's interpretation was the simultaneous gains in both stocks and bonds right as the start of overnight trading (the comments came out during fully-closed hours).  Since then, we've seen a bit more of the same "mirror image" pattern that goes hand in hand with the trading of Fed expectations.  All in all though, things have been uneventful with minimal movement and volume in the bigger picture. 

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