This continues to be one of the most anomalous Thanksgiving weeks in the history of Thanksgiving weeks--at least as far as bond markets are concerned.  As a percentage of the recent average, volumes have been higher than they've been since 2008, when bonds were in the midst of the great collapse in yields at the apex of the financial crisis. 

But for all that volume, there's just not very much actual MOVEMENT in trading levels.  Case in point: 10yr yields ended less than half a bp from yesterday's latest levels and MBS were only 1/32nd away from yesterday's close across the board.

Today's major attempt at movement came in the form of the Turkey/Russia news.  When headlines hit overnight that Turkey shot down a Russian warplane, stocks and bond yields sank and volume spiked.  But even here, the actual movement wasn't that big compared to the volume.  10yr yields made it down to 2.206 which was promptly seized by sellers re-establishing short positions they'd just covered in the past week.  There were no further improvements to be had for bonds, but neither was there any downside.  The rest of the day proved to be an uneventful, consolidative grind, right back toward the central point of gravity (currently 2.25-ish in terms of 10yr yields).