Waiting Game Returns With Straightforward, Sleepy Friday

Bonds were technically a hair weaker in the overnight session, but even if they never improved from those levels, yields still would have been inside the prevailing range (4.0 to 4.12 in terms of the 10yr).  As it stands, they did improve a bit, ultimately hitting 4.063 at the lows and holding near there through the close.  MBS picked up a microscopic gain as well.  All of the above is perfectly reasonable considering the lack of motivation in economic data.  Today's only report (residential construction) hasn't moved markets in over a decade.  With that, we're back to waiting for relevant data with the next notable installment not arriving until Thursday.