On the approach, this week looked very light in terms of relevant calendar events to inspire trade. So far, that probable lack of inspiration is turning out to have been vastly understated. Today's session was worse than dead, as there was actually a reasonable amount of dollar volume (given the fact that much of Europe was on Holiday), yet effectively no movement to show for it.
In fact, unless you move out to the 3rd decimal, 10yr yields have been at 2.61 for 4 hours! MBS sing a similar song, having not budged more a tick from 102-09 during the same time. All things considered, the trading week has yet to begin. It'll get another chance tomorrow with more participation from Europe and the start of the Treasury Auction cycle.
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