The bond market is getting off to a stronger start today despite an absence of any new motivations in the news or economic calendar.  In fact, the calendar is essentially empty when it comes to market movers.  While we could make a case for some friendly spillover from European bonds, and while the timing and correlation line up fairly well, it was arguably US bond markets leading the charge heading into 9am. Or more accurately, it was Treasuries with the bigger, sharper move. 

Either way, we don't need to try so hard to reconcile some strength after multiple successive days of significant weakness.  Token bounces are going to happen amid such trends.  It's just a token bounce unless its friends show up in the coming days.

The only notable items on the calendar this afternoon are the 20yr bond auction and the Fed's Beige Book.  Both are arguably not really that notable, but they're all we have.