There was a good article last week titled Take Off Friday and Monday Because Most Bond Traders Already Do.  Most of the gist can be gleaned from the headline, but just to be clear, Mondays have been increasingly slow in terms of trading activity.  It's even more acute on days like today where there are no big ticket calendar events to provide motivation.

Some of the symptoms of this disease include outsized impact from European markets overnight and from the onset of the most liquid domestic hours.  The 930am NYSE open also tends to rev up liquidity enough to get things moving.  Apart from those times of day, bonds have been drifting mostly sideways.

Treasuries are just barely into positive territory as we head into the PM hours.  MBS have been outperforming somewhat.  Not only have they spent most of the day in positive territory, but are currently pushing the best levels of the day.