Slow, Steady Gains Continue

Perhaps the absence of big-ticket econ data has left bond traders to ponder a reality that they see as economically challenging.  Perhaps non-gov reports like today's Philly Fed services index are contributing to those assumptions.  Perhaps other indicators like oil, forex, etc. are exerting some influence. Or perhaps this is the tail end of a short-term repricing driven by last week's banking concerns or Fed balance sheet expectations. Either way, volume was light and gains were modest as yields push their lowest levels in more than a year.