There are several moving parts to today's trading levels, but the TL;DR is that bonds are holding modest gains so far despite some 2-way volatility. The overnight session started out with the strongest gains of the day, clearly coinciding with a stock market swoon.  Stock prices and bond yields bounced higher when the senate majority was called around 11:30pm ET. Bonds quickly unwound most of the overnight gains before stabilizing sideways at slightly stronger levels. Stocks have been rising ever since. In other words, there was no magical relief in the bond market about political gridlock or the defusing of the risk of $5k payouts (who knows if that would have happened, but if it did, it would have implied more Treasury borrowing). Stocks saw additional gains at the open. This put some pressure on bonds. Then at 10am, the ISM data led to another small bout of selling as the comments reflect forward-looking inflation concerns.