The bond market is in a trifecta of trouble so far this morning.  Just before the open, JPM announced that it was assuming the loans and deposits of First Republic (FRC).  A resolution such as this has been weeks in the making and it actually helps investors calm down (i.e. a hard failure with no JPM bailout would have been bad).  Then at 10am, ISM Manufacturing data proved to be more resilient than expected.  Yields spiked immediately.  Rounding out the trifecta, we have a hefty slate of corporate debt issuance.  On that front, Meta is leading the charge with an offering rumored to be as big as $7bln.