After the TIPS auction just over an hour ago, there is little left to provide guidance for rates.  That's not an entirely bad thing today as the 4.5 is up 6 ticks at 100-13, and the 4.0 slightly better up 9 ticks to 97-10.  This represents a moderate amount of tightening as the yield curve is nearly unchanged with nothing from 2's to 10's off by more than 2 ticks.  That puts the 10yr at 3.78 at the moment, moderately better than most of Friday's range, but a bit weaker than the shallow end-of-day rally. 

Your best visual on the notion of NARROWNESS (which tends to coincide with low volatility + lack of guidance) is the mere 2bp range in Tsy's, and about a 5 and a half tick range in MBS prices.  In other words, not much happenin, for better or worse, but we'll let you know if that changes.