There were no significant economic reports or events today, and only a few newsworthy developments.  The biggest of these also happened the earliest (yesterday night, in fact) when the White House announced the suspension of certain tariffs on China.  Stock futures liked the news (after all, the threat of a trade war has been a big deal), but bonds didn't react much.  

As the overnight session progressed, a familiar trade took shape in European bond markets with core yields continuing to rally.  Whereas that had been helpful for US bond markets on Friday, they were less responsive today.  Both before and after the European rally, US yields approached and bounced at the 3.06% technical level (to be fair, it's more like 3.055%).

This is right were bonds ran into resistance on Friday afternoon.  It was also last week's first prominent plateau on the way higher (i.e. yields began to recover from Tuesday's spike but couldn't make it lower than 3.06% on Wednesday morning).  Although we traded a bit lower than that in the last hour today, we would have needed to have seen a break before 3pm for it to be more relevant.  Additionally, yields didn't make it far enough below the floor to earn the "significant" designation.  

For the most part, that made today a mere extension of Friday afternoon, and it left us waiting to see how any new trading momentum would shape up this week.