Uneventful Monday Leaves Bonds Little Changed

It was a quintessential summertime Monday to start the new week.  Trading volumes were exceptionally light and volatility wasn't far behind.  Most of the movement happened right at the 8:20am CME open with Treasuries quickly repairing some incidental overnight damage.  The 9:30am NYSE open saw a quick pop and drop, but from there, it was super sideways for Treasuries and especially MBS.  Both ended the day in effectively unchanged territory vs Friday.  Uneventful days become less likely from here on out due to Treasury auctions, Powell Testimony, but most importantly, Thursday's CPI data.

Market Movement Recap
08:48 AM

Initially weaker overnight, but bouncing back in early domestic trading.  MBS up 2 ticks (.06) and 10yr down 0.4bps at 4.277

11:58 AM

Off the best levels slightly.  MBS now unchanged and 10yr up half a bp at 4.287

03:27 PM

Very sideways with MBS up 1 tick (0.03) and 10yr down almost 1bp at 4.273

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