With the global financial market mostly firing on all cylinders after the various closures of the holiday weekend, the post-NFP defensiveness remains squarely intact for bonds.  This isn't big news or a big surprise given the extent to which the "data dependent" theme has been vetted.  Simply put, last week's initial data was worth a rally and NFP was worth a push back in the other direction.  Tomorrow's CPI data will decide whether bonds fully erase last week's gains or if yields can revisit the stronger levels.  Between now and then, "choppy and sideways" is as good of a baseline as any.  

Since there's essentially nothing to do but hurry up and wait, let's pick a random topic from the jar of hot topics over the past month and see how things are going.  How about that little mini banking crisis marked by the failure of Silicon Valley Bank in early March?  One of the most basic ways to track the trauma in the broader banking sector was via the KRE regional bank ETF.  It might come as a surprise, but the KRE shows zero healing, even as the broader stock market has fully erased all of the weakness.  It might come as even more of a surprise to see the entire banking sector ETF (KBE) in a similar spot (note: the chart below uses Feb 1st as a baseline since that was the most notable recent high).

Sure, a 27% loss over 2 months is better than a 33% loss, but neither are great considering the S&P is roughly 0%.  Perhaps we'll see a change in this paralysis as banks begin reporting earnings at the end of the week.