The week got off to a woefully uneventful start.  Like many Mondays in terms of trading activity, this one may as well not have happened.  The only somewhat notable achievement is that Treasuries managed to battle back from small overnight losses to go on to a permanently 'green' day.  MBS got to come along for the ride, as per usual.

Overnight motivation came from weaker economic data out of Germany with part of the torch passed to domestic equities markets later in the morning.  Actually, it's not so much that parts of the market were clearly leading and following as much as all markets were simply moving together out of boredom and a lack of participation. 

We can't really draw any conclusions about such a day.  As we've observed in the past, these sorts of Mondays amount to unofficial 3-day weekends.  Whether that means tomorrow offers anything more meaningful remains to be seen.  Either way, it's safe to assume that any early-week apathy is a nod to Wednesday's clearly-important FOMC Announcement.