Greek votes, German votes, European official comments, Draghi Press conference, Jobless Claims, NAHB, Philly Fed, Greek bridge loans, and more congressional testimony with Yellen...

Is it possible that all of these events just happened to be in a level of balance that left bond markets perfectly unchanged?  Maybe, but I think a more fair assessment would be to say that none of today's events are really jumping out in front of the others in terms of clearing up uncertainty.

Economic data tends to get more of a look when confusing global events are producing an analytical stalemate.  To that end, today's Philly Fed Index was our best friend.  Bond markets came into the day in slightly weaker territory, but saw solid gains after Philly Fed, and didn't do much else for the rest of the session.  Yellen offered no new insight as to the Fed's policy path, and while progress was ostensibly made on Greece's bailout, it's still such a complex, time-consuming process that there's little sense in markets trading it like it's a "one-and-done" event.

Fannie 3.5s ended 2 ticks higher and 10yr yields were perfectly unchanged.  Germany hadn't gotten around to voting on the Greek bailout by the time markets closed, but it's expected to happen by tomorrow.  That could be when we see the European situation start to affect domestic markets a bit more.  That would be par for the recent course where Fridays and Mondays have been volatility central.