After holding the same sideways range since June 27th, 10yr Treasury yields finally knocked on the 2.88+ ceiling for the 2nd time (the previous attempt being July 3rd).  But that's about as exciting as I can make today sound.  The overall move higher in yields was less than 2bps, and volume was exceptionally low.

If anything, the challenge of the range ceiling (failed challenge, really) was the product of serendipitous afternoon tradeflows amid highly illiquid trading conditions.  Today's economic data and Fed Chair testimony did little, if anything, to motivate trade.

Whereas the afternoon was an illiquid desert for bonds, the morning hours were only slightly better.  Still, the morning at least had a clear source of inspiration in the form of European bond market movement.  Treasuries and German Bunds (the European 10yr benchmark) were joined at the hip for the most active hours of the day.  It wasn't until Europe closed that things really started to slide domestically.