This morning's market action is quickly helping us understand the enigmatic trading seen yesterday (i.e. a sell-off without any great scapegoats).  Retail sales' control group was well below expectations and helped validate a moderate overnight rally.  Bigger moves and more sustained volume followed Powell's scheduled speech at the policy framework conference. Perhaps there was a concern that Powell's update would hint at a shift toward tolerating "higher for longer" policy rates in the same way that the 2020 framework review resulted in a "lower for longer" playbook.  The net effect has been a nearly complete reversal of yesterday's weakness, but yields are currently bouncing before finishing that job.