Strongest Close of the Week After Well-Contained Month-End Volatility

There was always a reasonably high bar for today's econ data to have a big impact. When it came out right in line with expectations this morning, that ship sailed. That left the month-end trading environment as the most likely source of inspiration.  While we can certainly see some evidence of month-end volatility, it played out in a narrow range.  More importantly, it resolved with bonds at the strongest levels of the week, even if by only a small margin.