Watching the bond market in real time can be stressful if you work in a highly rate-sensitive industry.  There's a tendency to get caught up in the intraday movement on any given day as if it had a big impact on the bigger picture.  That said, it usually doesn't.  Take this morning for instance.  Seemingly out of nowhere, 10yr yields are 10bps higher.  It's the biggest sell off in--what?  Only 2 weeks?  And there have been 5 other days with similar losses in the past 3 weeks? And bonds are still in the same old trading range--one that is quite narrow in the bigger picture.