Bonds began the day in slightly stronger territory but have pulled back as we head into the noon hour.  If we put today's movement under a microscope, there's enough weakness for some negative reprice risk, but if we zoom out to consider the recent context, we find a market that rallied on economic data 2 weeks ago and then again on DeepSeek drama 2 days ago.  Today's losses barely show up against that backdrop. Even the Fed announcement and press conference would be hard-pressed to cause enough of a reaction to change the bigger-picture outlook.  Simply put, bonds are broadly sideways after a data-driven correction from the weakest levels in 7 months.