There are no significant economic reports or scheduled events on the calendar today, unless you count the 3yr Treasury auction at 1pm (and you probably shouldn't).  That leaves bonds in the same positions as stocks and European markets.  All have been moving in a "risk-on" direction (higher stocks and bond yields) since late March when the post-Fed volatility led to variable performances from the 20th-27th.  I won't use the word "asymptotically" again due to several threats I received last time I used it, but I will say that both sides of the market look like they're leveling off after trending higher in early April.

Why now?  Why here?  An extremely broad theme at the beginning of 2019 has been that of a crossroads for global financial markets.  The current economic cycle has been long by historical standards, and the overall progress from the last recession has been strong (as you'd expect and hope given the depths of that recession).  A confluence of uncertainties increasingly has investors wondering when we'll see a turning point, even if we don't have an obvious catalyst for such a thing apart from the old age of the economic expansion and the unknown outcome of the reshuffling of global trade relationships.

As far as stocks are concerned, they're leveling off very close to all-time highs.  This makes a ton of sense if markets are pondering the fate of the economic expansion.  Most simply put, if the expansion can continue, it would make sense for stocks to be able to achieve even higher levels.  For bonds' part, they're leveling off at an important pivot point close to the dividing line between 2018's trading and the three years that came before it (roughly 2.50%).

This isn't the sort of battle that's going to be decided quickly, let alone today.