The overnight session was calm.  Japanese trading helped Treasuries a bit, and European hours did some damage.  Bonds started the domestic session in just barely weaker territory, improved briefly, and have been selling off ever since.

It's fairly evident from this morning's tradeflows that Treasury traders have more than a little bit of anxiety about the auction coming up at 1pm.  Combine that with general anxiety over the Fed minutes an hour later and we find ourselves most of the way back to yesterday's weakest levels.

That's not a super scary phenomenon though, considering the 2-day trading range is pretty narrow.  With Treasury yields pushing up against yesterday's highs, we'd like to see those hold after the auction.  That would make a solid case for 1.92 as a short-term inflection point, as it was the low on March 31st (i.e. hoping it's a ceiling instead of a floor this time around).