Today's the day where economic data and events ramp up significantly. Not only do we have more events on the calendar, but they're also increasingly important versus the first 2 days of the week. The morning has been good for bonds as a result. The Treasury refunding details showed slightly lower auction amounts and also provided a comment about auction sizes leveling off next quarter. On the econ data front, ADP, JOLTS, and ISM were all either neutral or bond-friendly. The result is an 11bp rally in 10yr yields and nearly a half point gain in MBS ahead of the 2pm Fed announcement and 2:30pm press conference.