Bonds Reprise Familiar Role as a Safe Haven Amid Renewed Rout in Stocks You've seen it plenty of times so far in 2025. You've wondered what the heck happened to it during last week's volatile tariff announcement aftermath. Now today, more than any other day this week, a good, old-fashioned flight to safety helped the bond market realize some decent gains. Powell's speech at 1:30pm ET was the clear catalyst, with warnings for the economy and reassurances for the bond market's smooth functioning. At this point, bonds are right back in line with the flat, narrow range seen between late February and late March.  Econ Data / EventsRetail Sales  1.4 vs 1.3 f'cast, 0.2 prev Retail Sales Control Group0.4 vs 0.6 f'cast, 1.3 prev Market Movement Recap08:42 AM sideways to slightly stronger overnight.  Minimal reaction to data.  MBS up 1 tick (.03) and 10yr down 0.4 bps at 4.33 10:47 AM 5.5 UMBS are now down 1 tick (0.03) on the day and 10yr yields up 1.2bps at 4.348 01:51 PM Some volatility surrounding Powell, but holding gains, mostly.  MBS up an eighth on the day and 10yr down 2.8bps at 4.308 02:40 PM Stronger during and after Powell.  MBS up 7 ticks (.22) and 10yr down 5.8bps at 4.278