Bonds were moderately weaker today with Treasuries outpacing MBS in that regard.  10yr yields had fallen just over 3bps before the start of domestic trading and MBS logged their first trades about an eighth of a point weaker.  

After the start of domestic trading, however, nothing else happened.  Bonds completely flat-lined while stocks continued to spring higher from last week's pre-tariff anxiety (referring to the hard launch of tariff enforcement last Friday).  This is really the only notable positive development for bonds over the past 2 trading days--i.e. that they haven't been any weaker considering how strong the move higher in stocks has been.

Volume was the lowest of the year for a full trading day.