More Resilient Today, But It's Still All About Data

The bond market is still searching for its identity in the wake of last week's Fed announcement.  Monday and Tuesday saw relatively big volatility in the morning with calmer, stronger afternoons--something that fueled hopes that the post-Fed correction was over.  Wednesday saw overnight losses with more weakness throughout the day, thus suggesting the post-Fed correction could still be alive. Thursday had a bit of everything: gains overnight, early losses and a decent afternoon recovery.  The only constant has been the ability of relevant econ data to set the trading tone.