Ultra Quiet Session, But Ultimately Stronger

With the day's only relevant econ data on hold due to the shutdown, bonds didn't have any objective inspiration. Add the Yom Kippur holiday as well as the absence of tomorrow's jobs report, and there suddenly seems to be no compelling reason for the bond market to be open for the rest of the week. This was reflected in volume and AM volatility--both were muted. There was modest movement in the afternoon with trading levels moving into slightly stronger territory. This could be viewed as an incidental  byproduct of the shift in buyers/sellers after the European close, or an intentional front-running of what bond bulls hope is a weaker ISM report tomorrow. It doesn't really matter either way. Bigger, more durable moves are on hold until the jobs report comes out.