Bond markets have been under modest pressure today with the focus again being on corporate debt issuance.  Equities markets have played a supporting role inasmuch as they speak to broader 'risk-on/risk-off' undercurrents.  Case in point, stocks and bond yields both made their highs and lows of the morning at the same time.  Of those, the "low" was the most recent, and both have been moving higher since then (8:40am).  Economic data was a non-event, as expected.

At this point, we're in a negative consolidation pattern for longer-dated Treasuries heading into the auction time frame.  That means that the trendlines connecting the highs and lows are converging around 1pm and are currently pointing toward higher yields.  The same is mostly true for MBS, though the low prices of the day have been more supportive (i.e. the imaginary triangle formed by the trendlines has more of a flat line under the lows whereas both of the lines in the Treasury triangle are pointed into weaker territory).

If something interesting is going to happen with today's trading range, the afternoon hours after 1pm would be prime time.