Much like yesterday's session, today saw bond markets begin the day in slightly weaker territory only to rally into slightly stronger territory by the end of the session.  There were no singular, overt market movers, but rather a slow, steady, linear trend throughout the day.

ISM Manufacturing did come in slightly weaker than expected, and I would imagine a few old school market watchers would connect the dots between weaker economic data and a bond rally.  I'd normally push back on that old school approach with both hands, but in today's case, we actually did end up seeing a general uptick in volume accompanying a mild leg of the rally shortly after 10am (when the data came out).

All that having been said, bonds were still weaker on the day heading into the noon hour.  It wasn't until stocks began selling-off that bonds found more justification to move into positive territory.  Mind you, that argument could be made in reverse as well.  Bonds were caught up in heavy "curve trading" today where 2yr yields were rising and 10yr yields were falling.  The spread between the two surged to its narrowest levels since the financial crisis.  The narrowing of the yield curve is seen by some as a negative indicator for stocks.