Sleepy Start to What May Be an Exciting Week

Every now and then the bond market makes a case for a 4 day work week.  Today is one of those days as absolutely nothing of consequence transpired in terms of trading levels.  Volume was also the lowest since the Monday before the last CPI report 3 weeks ago.  That's a fitting milestone considering we've been waiting for this week of data ever since that CPI report sent rates quickly higher, but in case it's not already clear, it's the week as a WHOLE that matters.  Today was just a placeholder ahead of a steady ramp of scheduled events culminating in Friday's jobs report. 

Market Movement Recap
09:40 AM

Modestly weaker overnight with additional selling at the 8:20am CME open.  10yr up 3.9bps at 4.225.  MBS down 6 ticks (.19).

12:33 PM

Very sideways all morning.  10yr up 3.3bps at 4.219.  MBS down 5 ticks (.16).

04:14 PM

Almost perfectly sideways all day.  10yr at the exact same level (4.219) as last time.  MBS down 6 ticks (.19).

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