Bonds began the overnight session in slightly weaker territory and held almost perfectly flat for the rest of the day. In terms of Asia+Europe+US hours, it was the flattest trading day in 2 years. With that in mind, it doesn't make much sense to analyze the reasons for movement nor the significance of its scope. All that's left is to ask what the implications are. The answer could be as simple as as the empty calendar ahead of high consequence data later in the week, but it's not as if that hasn't happened before. Sometimes flat is just flat.
Bonds opened weaker in Asia and have been mostly flat through the domestic open. 10yr up 3.2bps at 4.292. MBS down just over an eighth.
Sideways to slightly stronger since the last update. MBS down 3 ticks (.09) and 10yr up 2.8bps at 4.288
10yr up 2.4bps at 4.284. MBS down 2 ticks (.06) and illiquid at times.
Unchanged from the last update. Excruciatingly sideways.
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