While an understandable motivation, it’s hard to view this as anything other than a misstep by SKF; they have offered 25c for a change that would take the bonds several points lower leaving bondholders with no incentive to accept.
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The trend condition in Treasury futures is unchanged and remains bearish. Today’s bearish start to the week, has once again, confirmed a resumption of the downtrend. Sights are on 107-04 next, a Fibonacci projection. Note too that moving average studies remain in a bear-mode position highlighting a dominant downtrend. Key short-term resistance is seen at 108-26, the 20-day EMA.