It's a real snooze-fest out there, folks.  Volumes were already dropping to nearly half of their recent average by Friday, and will be lucky to break the one-third mark today.  Both Treasuries and MBS are having an "inside day," meaning the entirety of the trading range is taking place inside the trading range from the previous session.  Pointing out inside days is a quick way for market participants to comment on the lack of volatility and momentum.

Treasuries were slightly (but inconsequentially) weaker overnight, resulting in a modestly weaker open for MBS as well.  Both quickly corrected into the domestic hours and have been holding in very slightly negative territory. 

Existing Home Sales came in quite a bit weaker than expected, but as a testament to just how broken financial markets can be around this time of year, bonds weakened slightly (the opposite of what they normally would do in response to weaker data).  The only other scheduled data is the 1pm 2yr Treasury Auction.  It's not expected to be a significant source of inspiration for bond markets.