Bond markets began the week in underwhelming fashion, with both MBS and Treasuries ending the day very close to unchanged compared to Friday's latest levels.  Movement was in the right direction (both were slightly stronger), but not at first.  

Bonds began the day in weaker territory but then followed European yields to stronger levels by the end of the European trading session (around the middle of the day in New York).  Those last few hours of European trading provided today's only positive momentum in the US.  Right after Europe closed, US bond markets were completely flat.

There were no significant economic reports or events on the calendar, save for a few Fed speeches (which turned out to be inconsequential), and it showed in volumes.  Today was one of the lightest days of the year so far--not an uncommon phenomenon on summertime Mondays.  Things should pick up as the week progresses, but Friday, especially, will be relevant due to the CPI data at 8:30am.