Bond Bulls Lacking Conviction

Here we are (still) with 30yr yields closer to 4% than 3%, economic growth softening, leading indicators pointing to further contraction, and inflation that's (possibly) heading lower.  As such, we have all the makings for a bond market that should (possibly) be rallying. The implicit uncertainty in this scenario is playing out in the form of a supportive technical ceiling with low conviction heading back in the other direction.  AM trading brought another brief attempt to break below the 3.72% technical level, and another retreat in the 9am hour.  It'll (possibly) happen soon though.