• The title says it all
• Overnight session was calm
• European bonds were weaker at the close, putting pressure on US bond markets
• Bonds bounced back after Europe closed to end flat for 3rd straight day

There were no significant economic reports today and only some scattered Fed speaker snippets when it came to domestic bond market motivations today.  The Fed newswires were more of the same from Williams, mainly, saying "2-3 hikes in 2016" and "3-4 in 2017."  This still seems awfully optimistic to me, given that Williams also pointed out that a June rate hike could be constrained by the Brexit vote AND that the Fed was unlikely to hike back-to-back.  (Hint: the Fed cannot hike 3 times in 2016 if they wait for the Brexit vote and avoid back-to-back hikes).

The market reaction was evidence of how seriously Williams was taken.  10yr yields rose a few bps, and the weakness was hard to separate from late day European bond market momentum.  The fact that domestic bond markets recovered after Europe closed was further evidence that it was just as much a European affair as anything.  All that having been said, none of it much matters considering we closed almost perfectly unchanged yet again.