Fairly Uneventful But Perhaps Not For Long

The week began with a perfectly normal example of a summertime Monday with lighter volume, no major movement, and trading levels remaining well inside the range of the past few sessions.  Bonds started fairly flat but improved at the 8:20am CME open (movement surrounding opening bells = another hallmark of lighter summertime trading).  Gains continued at a modest pace despite Treasury auctions.  Perhaps bonds are having a ceiling feeling as long as this week's data plays ball?  

Market Movement Recap
09:24 AM

Flat to slightly weaker overnight. Friendly bounce at 8:20am CME open.  10yr down 1.1bps at 4.204.  MBS up an eighth of a point.

01:31 PM

Flat through the uneventful 5yr Treasury auction.  10yr down 1.7bps at 4.419.  MBS up 3 ticks (.09).

03:26 PM

Best levels of the day with MBS up 7 ticks (.22) and 10yr yields down 3.5bps at 4.401.

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