As far as Mondays after NFP Fridays go, today could have been worse.  On occasion, these Mondays can serve to perpetuate a new trend set in motion after an indecisive sideways slide heading into NFP (nonfarm payrolls, the key component of the Employment Situation Report).  There's always a bit of suspense over the weekend when Friday sees a significant move.

But today we got an uncommonly calm post-NFP Monday.  Volume just barely broke above the lowest non-holiday sessions of 2014, and even then, only because of the Asian and European sessions (which were more active).  On the domestic front, there was nothing on the calendar to offer inspiration and bond market flows were relegated to following other markets and guessing at the latest potential hedging of corporate debt.

There were some supportive comments from Chicago Fed Pres Evans, but no resulting market movement.  Both MBS and Treasuries managed to hold unchanged levels in the morning and grind out a few ticks of improvement into the afternoon.  Lenders who'd priced more cautiously out of the gate were thus able to offer some token "stability reprices," but this was the exception, not the rule.