Treasuries remain heavy, holding overnight losses in conjunction with European bonds after stronger PMIs. The market is also correcting from yesterday's rally after the FOMC minutes and the -818k downward revision in payrolls that is now being brushed off. Short dated yields are up about 4 bps with the 2-year at 3.964%, while the 10-year is 2 bps cheaper at 3.82%. Look for churn today as analysts wait for Chair Powell's remarks tomorrow. Wall Street futures are marginally firmer, extending yesterday's small gains. The NASDAQ is 0.4% higher, with the S&P 500 and Dow up 0.24% and 0.1%, respectively. The VIX has fallen back -1.4% to 16.04 as the market settles down ahead of Powell. The DXY is back over 101. Oil is up 0.58% to $72.35 per barrel. Gold is down -0.58% to $2498.46 per ounce, slipping from the record high close of $2513.99 from Tuesday.