Last month's euphoria was largely driven by a sea change in expectations for Fed policy moves.
Two-year yields fell eight basis points to around 4.85%.
The rally that drove the stock market up almost 30% from October lows took a little break.
Swap markets now indicate a 50% chance of a second Fed hike by the end of the year.
Stocks sold off as Jerome Powell continued to sound unequivocally hawkish.
The Federal Reserve raised rates by 75 basis points and projections suggest it will again.
The S&P pared losses after an inflation reading shocked markets.
Stocks rallied, halting a five-day rout that took 10% off the S&P 500.
A slide in bonds sent the rate on the benchmark 10-year note to a level not seen since June.
Traders parsed through a flurry of corporate results amid signs the U.S. labor market may be gradually improving.
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