Bonds were paralyzed during the overnight session--both in terms of outright trading levels and the yield curve.  It could have been the ECB announcement, Durable Goods, or the end of the Treasury auction cycle keeping things under wraps.  We didn't really know until morning trade in the US got underway. 

As it happened, it was the fairly uneventful post-ECB-announcement press conference with Mario Draghi that kicked off better buying in European bonds that ultimately brought Treasuries along for a mildly positive ride.  As soon as the European move had run its course, however, Treasuries were left to their own devices, and those devices were red.

More simply put, bonds proceeded to sell-off steadily and mechanically for the rest of the day with 10yr yields ultimately making it over 2.98%.  This keeps the recently negative trend very much intact heading into tomorrow morning's GDP release.  Given the fairly modest reaction to this morning's Durable Goods data, it remains to be seen whether GDP will indeed be this week's biggest market mover in terms of economic data or if bonds have other things on their mind.  Much will likely depend on the size of the beat/miss, as well as the caveat potential of the report's internal components.