Small Scale Weakness Leaves Bigger Picture Unchanged

Bonds began the day in stronger territory after tracing a risk-off move in the overnight session. Much like yesterday, 9:30am brought a momentum reversal, both for stocks and bonds, thus beginning a slow march back into weaker territory. Bonds might have stayed green if not for tariff headlines at noon ET which resulted in a modest nudge for stock prices and bond yields simultaneously (probably... it was so small that it could easily be seen as noise).  Either way, the bigger picture was completely unaffected.  Bonds are sideways near their strongest levels in months while they wait for guidance from data on the next big move.