As expected, today could be better characterized as a highly-regulated narcotic sleep aid than an interesting trading day for bond markets.  The dreams were sweet, at least, with 10yr yields drifting down to their best levels of the month--just under 2bps lower at 2.238%  Fannie 3.5 MBS were up by an eighth of a point in the afternoon, but pulled back just a bit by the close.  Lenders passed along at least as much in terms of price improvements (day over day), so it's hard to take exception to the lack of interesting data.

Bored market-watchers could discuss things like the death cross in 10yr yields (as in the attached video), or ponder the importance of political headlines (Spicer resignation... hint: not a market mover).  If anything the noticeable (and I use the term very loosely) upticks in volume were seen right at the CME open, again just after today's options expiration cutoff at 1pm, and finally at the 3pm CME close.  

Liquidity was truly appalling late in the day, and very little should be read into the afternoon gains when it comes to tracking longer-term trends.  We're still waiting on next week to find out if this rally has any more gas in the tank.