Bonds Begin New Week on The Defensive

Friday's strong jobs report and ISM data caused obvious, immediate problems for rates, but bonds held their ground fairly well all things considered.  As the new week began, Asia took its turn selling Treasuries before strong European data added to the pressure.  Traders are apprehensive about this week's bond market supply (both Treasury auction and corporate bonds) as well as a Q&A with Fed Chair Powell.  Perhaps he'll be more hawkish in light of the jobs report?  That's the fear anyway and it's easy to see in the 25bp uptick in rate expectations for September's Fed meeting.  The chart above suggests traders don't see the Fed returning to 50bp hikes, but rather adding an additional 25bp hike before leveling off. In terms of the bigger picture, this morning's weakness has 10yr yields up against the 3.62% range ceiling and well above the 3.56 ceiling that had been in play for most of the past 3 weeks. 
http://dlvr.it/Sj1KlB

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