Unlike most Tuesday's, today actually saw a decreased level of participation in bond markets.  Presumably this is due to yesterday offering more relevant inspiration (Greek election failure) and the impending New Year holiday.  On that note, keep in mind that bond markets close early tomorrow (2pm) and are generally expected to be slow from the outset.  Historically the 31st of December is less busy than the previous trading day, and that's especially true when it falls on a Wednesday-Friday.

As for today's action, it was clearly less than intense, but offered a good mix of pleasure and pain.  On the pleasurable side, bonds started out in positive territory after following European markets overnight.  But much like yesterday, when European bond markets closed, US bonds gave up ground.  The pain was limited to return to nearly-unchanged levels and scattered lender reprices.