Modest Relief Rally as Headline Risk Comes and Goes

Unlike yesterday, bonds didn't have any market moving economic reports to provide guidance in the morning.  Instead, traders were a bit apprehensive ahead of the SINTRA conference in Europe as the heads of the world's two largest central banks were slated to comment on monetary policy (jargon translation: "headline risk"). As the headline risk faded (Powell and Lagarde didn't say anything too scary), bond buyers filed back into the market, ultimately ushering yields to new lows in the afternoon hours.