Pushing Back Against Overnight Weakness After Uneventful JOLTS

Bonds came into the domestic trading day with additional losses.  This wasn't a foregone conclusion, but it was a distinct possibility based on past examples of big directional moves on the first trading day of the month. We knew European bonds would be opening in weaker territory and that it wasn't likely to impact U.S. bonds, but Europe went on to lose even more ground after PMI data and that weakness pushed U.S. yields higher overnight.  Selling stalled just before 9am and we've been bouncing back a bit since the tame JOLTS release.