In more ways than one, today has been 'modest' for bond markets.  The overnight session was slower than normal, even for a Monday due to a bank holiday in the UK (US Treasury trading during the European session depends on London being open). 

When Treasuries finally began trading in earnest for the day, it was at lower yields.  Futures had been online before that, however, and had followed German Bunds to stronger levels.  The domestic session got underway with MBS 4 ticks higher (Fannie 3.5s) and 10yr yields nearly 2bps lower. 

Trading has been mostly sideways and uneventful since then.  Bonds weren't able to make any new price highs as European bond markets and equities markets had been pulling in the other direction.  This posed the biggest risk following the 10am New Home Sales Data. 

Although sales were weaker than expected, stocks kept rallying and European bond markets kept weakening.  MBS were almost to the point of negative reprice risk when all of the above bounced and leveled-off, allowing bonds to stay green on the day.