Yesterday’s most intriguing advancement was the visible decoupling of bond yields with oil costs. To a lesser level, one could likewise lament that mid-morning stock selling failed to benefit bonds, but that’s far from a regular correlation nowadays. In fact, the stock/bond correlation is frequently reversed when the marketplace is changing Fed rate expectations. Today’s trading session has actually seen some re-coupling with yields/oil/stocks all falling together. Some of the bond-specific weakness might have been driven by the main launch of SpaceX’s big business bond, and there’s been a heavy slate of corporate issuance in June up until now in basic. 
We can also expect random tradeflows in numerous market sectors merely due to it being late June and cash managers being needed to buy/sell in order to rebalance portfolios to account for current market movement. In spite of all of the above, bonds are selling a dull debt consolidation pattern with this early morning’s little rally sticking to a descending ceiling.