The focus is on all this supply.

The curve inverted modestly yesterday, and people are piling on.

To a certain extent the market is correcting the bullishness that came from the Fed minutes because the text was a lot less dovish than the headlines.

There's a sense that the G7 meeting sort of supports intervention in the market so you could see some good foreign flows into Treasuries.

You're not going to get a clear signal until tomorrow.

It's hard to come up with positives in the market. It's another leg in the string of factors that point to a long stream of losses in bonds.