The Treasury market was on the back foot today as investors lightened holdings ahead of a busy week of bond market supply.  A renewed risk-tolerance was also in play as the weekend failed to generate any headlines that pointed to major escalation in US/Iran tensions (something that hit stocks and helped bonds at the end of last week).  

There were no significant economic reports and no major market movers in the news.  Bonds nonetheless managed to have some ups and downs (in yield)--mostly ups after 10am ET.  It's safe to assume that traders are still slowly flooding the market with new-for-2020 trading positions and that this process carries a fair amount of market movement potential regardless of the news cycle or economic data.  Today, it left bonds just slightly weaker, although that was more of a problem for Treasuries than MBS.

Econ data will have its chance to move markets in the coming days with ISM non-manufacturing numbers tomorrow and the big jobs report on Friday.