After a week-long run up, Bonds are selling off today for no good reason other than it seems like a good time to harvest profits from the price gains. There are no data points released this morning. The Fed’s Beige Book will be opened to the public this afternoon. The Fed Fund Futures market is forecasting a 44% chance of a rate hike in June, which is down from last week’s 60% chance. It seems that everyone thinks that interest rates will be higher in the future, but that future gets further and further away.