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.

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

The focus is on all this supply.

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.

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.