If you recall the analysis from a few days ago that called attention to the lowest daily trading volumes in Treasury futures in months, it's worth noting that today's were just a hair lower.  Once that's understood, there's little sense in putting the market under too much of a microscope for anything it did today.  Even then, the bond market didn't really do anything today!

There was a bit of improvement in the overnight session, but it only served to get yields back under Thursday/Friday's high range and back into the center of last week's overall range.  The absolute highs and lows of the day were less than 2bps apart during domestic hours and Fannie 3.0 MBS held inside an eighth-point range for all but a split second.  

The absence of any meaningful movement, volume, significant headlines leaves all the more focus on the next 4 days.  Tuesday provides something of a ramp up into the week's headier events, but nonetheless offers several economic reports that can move markets on occasion.  Of those, the PCE inflation data is probably the biggest deal at 8:30am.  From there, Wednesday-Friday's calendar gets rather extreme in terms of market movement potential (due to things like the Fed, the ISM reports, and NFP).