Negative Trend Intact For Now

January has marked a modest but noticeable shift in bond market momentum and Friday provides the latest evidence.  While we're content to view most of the recent weakness as a logical byproduct of decent economic data, there's certainly also an element of momentum that seems to be in play.  Friday's evidence comes in the form of selling pressure that began right at the 8:20am CME open. 

The 10am econ data added to the selling, but it has since been shaken off.  We're left with modest weakness heading into the mid-day hours, but  yields are nonetheless at their highest levels in more than a month.