The rising rate trend of 2021 is increasingly being called into question--even if only temporarily--due to the inability of 10yr yields to quickly break above 1.75%. That said, at levels of 1.72-1.74% so far this morning, it's definitely not time to celebrate just yet. Much of the global market is out on holiday. As such, we have yet to see the full reaction to Friday's strong jobs report.
The remainder of the week is fairly light in terms of calendar data, thus providing a glimpse of less adulterated trading motivations. Such weeks can end up being boring and sideways, but if we see a strong move down and away from 1.75% (or up and through--not the preferred option, but an option nonetheless) it would offer a strong comment on the state of the rising rate trend.