Bonds were exceptionally sideways in the overnight session with 10yr yields holding between 4.05 and 4.06 for almost the entirety. It wasn’t until the 8:30am jobless claims data came out that signs of life emerged.  Claims were the highest in a year, resulting in a logical but modest rally.  At 10am, ISM Manufacturing took the rally to the next level by coming in much weaker than expected.  With that, 10yr yields are entering the mid-morning hours well under 4.0% for the first time since February 2nd.