After a frustrating selling spree last Friday, bonds are starting the new week with a bit more selling.  Much like Friday, justifications are not as satisfying and obvious as many market watchers may hope.  That said, things are a bit more reasonable given the fact that today's weakness isn't as pronounced during domestic hours.  The overnight session was more of a gradual affair judging by the linear downtrend in Treasury futures prices. 

As for bad actors, we've seen quite a lot of blame placed on oil prices, but continue to take that with a grain of salt.  There are two many instances like the one highlighted in the chart below to give oil credit for very much short term momentum in bonds.

Better candidates might include today's sharply elevated corporate bond issuance or a few various Fed speakers creating short-end volatility.