No Whammies From ISM and Powell

With it being the first trading day of a new month and a Friday, it's hard to determine the extent to which traders planned to buy bonds today providing an absence of the proverbial whammies.  At the very least we can say not only were there no whammies in either of today's two key events, but both were arguably slightly supportive.  

The volume response relative to the directional trading suggests the takeaway on Powell was more mixed (higher volume, but less of an initial rally). The gradual gains that follow speak to the "no whammies" trade as markets waited to see if Powell would say something bad for bonds in the Q&A portion.