Increasingly Defensive Ahead of Jackson Hole

Bonds sold off moderately and steadily all day without any clear paper trail back to newswires, data, or events. Could it be an evolving narrative on covid? Typical hesitation on a Treasury auction week?  Random movement inside a broadly narrow range? Or is this a simple move to the sidelines ahead of this Friday’s Powell speech?  While all of these factors could be in play to varying degrees, we…