In the day just passed, bonds saw their first reprieve from the fairly brutal correction that has defined essentially all of September.  10yr yields dropped all the way to 1.81 after having broken above 1.90 in the previous session, but they weren't able to hold all of those gains.  Drone strikes on Saudi oil facilities served as the key market mover (and a great reminder that oil prices definitely don't always correlate with bond yields).

In the day ahead, we can ponder whether it was geopolitical unrest that truly sparked the correction or if it's something we would have seen yesterday simply because it was time to see it.  The big bad correction had just gotten big enough to suggest it was getting to be that time, and the 1.80-1.94 range coincides with rates being in limbo between the strong August range and everything that came before (with the exception of the 1.5 days where rates quickly moved through the "in limbo" zone below).

Regardless of the justification for the corrective bounce, tomorrow's Fed events dominate the outlook.  Whether we were correcting or continuing to move up an over 1.94%, the market will likely take its next big momentum cue from the Fed.