The market has sold off so much recently that a little consolidation in light of the coupon pass isn't necessarily surprising.
There's a lot of focus in the bond market on oil. It's been such a hot story because of people's fears of higher inflation.
A little sell-off today should not be surprising in front of such an important report.
Most people think the Fed is on hold so the rest of this month's data is not quite as important.
The headline number came in a lot weaker than expected, but when you comb through all the revisions, you come down in line with expectations. The momentum in February is clearly weaker.
The Fed is remaining vigilant against inflation, which helps 10-year notes and 30-year bonds. But two-year notes still have to deal with the likelihood of higher interest rates this year.
The data gives investors hope the Fed won't have to stay aggressive too long.
A lot of today's trade is based off the stock market.
