Yesterday afternoon's latest levels in 10yr yields were right around 2.13.  This morning's pre-data highs (just before 7am) were also right around 2.13.  And after the data imparted it's volatile spin on trading levels, yields topped out yet again right around 2.13.  Long story short, bonds continue biding their time ahead of tomorrow's ECB and Friday's NFP.

If we got any clues about what's important, NFP is clearly a candidate based on the way markets reacted to today's data.  It was arguably the employment component of the ISM Services data that did damage to bond markets at 10am as it was the only real positive standout in the report.  Without that, ISM was weak, and not-at-all worthy of causing the quick sell-off that it did.  Fortunately that sell-off arrived after the ADP numbers helped bonds start the day off in stronger territory, thus leaving us fairly neutral by the end of the day.