Uneventful Monday Fits Fed Week Narrative

After last week's economic data ebbed and bonds sold-off with Europe on Friday, we knew we'd likely be waiting until Wednesday's Fed events for the next significant bond market input.  That leaves the path of least resistance as a generally sideways range just under the long-term high yields.  AM trading was weak enough to approach those highs without breaking them (the actual 10yr high today is 4.358, not the 4.415 seen in many charts due to reasons discussed in this morning's commentary).  The rest of the day was spent rallying calmly back into the range but not forcefully enough to be interesting.