Bond markets (and stocks for that matter) have been stuck in narrow, sideways ranges over the past 4 trading sessions.  This is a major departure from the strong momentum seen in the week prior when markets were reacting to surprisingly blunt comments from ECB President Mario Draghi concerning European tapering.  

As seen in the US version of the taper tantrum, both stocks and bonds took a hit, but the latter hasn't been nearly as bad as the former (the blue line below may look like it's experiencing more volatility, but that's due to the scaling of the chart.  Case in point, bond prices are down roughly 2% since 6/19 while stock prices are down less than half a percent).

2017-7-11 open

The sideways/narrow range won't have many compelling opportunities to break down until at least tomorrow.  That's when the week's big market movers start hitting (Yellen testimony, 10yr Treasury auction).  Some measure of volatility will almost certainly be reserved for Friday's CPI numbers.  

Between now and then, we're limited to other Fed speakers (Kashkari and Brainard today) along with the risk of any significant headlines regarding European tapering potential.  Apart from that, today brings only the Wholesale Trade in terms of econ data, and a less relevant 3yr Treasury auction. With respect to the ECB, the next big day is July 20th (policy meeting and Draghi press conference).   We could even be waiting that long before we see the same sort of volatility seen from June 27th through July 6th.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.5
102-17 : -0-01
Treasuries
10 YR
2.3820 : +0.0110
Pricing as of 7/11/17 9:15AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, Jul 11
10:00 Wholesale inventories mm (%) May 0.3 0.3
10:00 Wholesale sales mm (%) May 0.2 -0.4
13:00 3-Yr Note Auction (bl) 24