After last Friday's jobs report, it was clear that we'd be waiting for this Wednesday's CPI data as the next relevant input for the bond market.  Despite the absence of new motivation, bonds have been able to rally back from the highest yields in months seen on Friday.  Given the pace of last week's selling and the levels achieved, a token technical correction is more than enough justification for the gains seen early this week.  Today begins with just a bit more buying although, at 3.98, yields are well above the next significant rally target at 3.84.  

In fact, yields are already facing some technical resistance at 3.96--a level that coincides with the domestic session lows seen last Thursday.