Fresh fears of trade wars pushed stocks and bond yields lower in the overnight session as the White House promised another wave of tariff announcements in the morning. China retaliated by promising its own tariffs and markets slumped accordingly.
By "accordingly," I mean they slumped as much as they have for any other trade war headline after the initial shock wore off--i.e. not too terribly much. Case in point, stocks ended up bouncing back and nearly erasing all of the losses. Bonds, on the other hand, got a bit of an extra boost from the overall momentum following 2 decent days of central bank news, as well as weaker economic updates out of Europe overnight.
10yr yields rallied all the way to 2.889 before bouncing up to 2.922% by the close (still 2.4bps lower on the day). MBS underperformed, ultimately ending the day unchanged after having been green for the entirety.