Mostly Flat After Initial Weakness

There's a risk that a theme will emerge in the coming days, but a theme that only matters to people who write daily commentary on the bond market.  It involves an absence of new, interesting things to say as well as plenty of repetition. If today was any indication, the bond market's base case for this week is to play the "11 day weekend" game that we joked about last week.  It looked like we might actually have some volatility earlier in the session.  Bonds sold off modestly at the 8:20am CME open, but the damage was limited to roughly 3bps in 10yr yields and much less than that by the 3pm CME close.