It was a calm and light trading day right from the outset today.  Without options expirations, volume would have been the lowest of the year in bond markets.  Volume is neither here nor there when it comes to today's end of day marks.  We're heading out near the best levels of the day, and whether we got here with epic participation or only a few trades doesn't matter. 

The gains allowed a few lenders to reprice, but they weren't necessarily big enough for most lenders to get on board.  For instance, from 10am, Fannie 3.0 MBS are only up 2 ticks.  That means lenders would have to reprice based on stability and trend, which few of them are wont to do--especially on a Friday afternoon. 

There were no significant economic reports or news events, and trading in European bond markets has been even flatter over the past two days.