Persistent Rally After Data. More Data Ahead

Wednesday ended up being almost exclusively about the Job Openings data in the morning.  Bonds were fairly flat before that and rallied sharply afterward.  Once the initial reaction ran its course (in mere minutes), the rest of the day was an uneventful drift in a rate-friendly direction.  Yields hit the 3pm close several bps under the 3.80% technical level in 10s, which makes this a bit of a "lead-off" to whatever extent you were planning on the 3.8-4.0 range remaining intact until Friday's jobs report.   In other news, the yield curve uninverted at times--a fact that means nothing about the future even though you'll certainly see claims to the contrary.