After seeing today's trading--especially when we consider it in the context of recent technical levels and yesterday's bounce around 2.25% in 10yr yields--it seems increasingly clear that bonds are doing that thing they sometimes do as the weekend is approaching.  Namely, they've entered a narrow, sideways range, and they look none too interested in breaking higher or lower unless given a compelling reason. 

In the current case, the range is roughly 2.25-2.27.  We spent a few moments trading just slightly lower today, but those were the exceptions to the rule during domestic hours.  

The morning economic data was irrelevant (no one cares about Jobless Claims any more), and the afternoon's Treasury auction was taken in stride (slightly less than "strong" in terms of the auction results, followed by a modicum of bond market weakness into the close).

If anything is going to push us out of this narrow range, it's either not showing on the event calendar, or it will take the form of an unexpectedly strong/weak result in one of tomorrow morning's data points.  Even then, there's a wider range that would still be OK to hold in terms of conveying an absence of drama heading into the weekend (2.22-2.305).