This is the off-season for bonds, but they still have to show up for the game every day.  The coaching staff (aka the traders turning the cogs of the underlying bond market) have been running the same play every day since June 27th.  It's a play that's been working on both offense and defense, thus providing an easy button for the entire team (even if it's also a "boring button").  No one gets hurt, and no one has a ridiculously good time--typical off season.

So what's the play in question?  Simply put, bond market players have been tasked each day with playing harder and harder defense whenever yields rise toward 2.88.  On offense, they only push hard enough to get yields to 2.825, as seen on the following chart with numerous bounces on the lower teal line.

I included the green lines to offer an alternative way to look at the recent range.  The lower green line doesn't have quite enough activity to be very likely.  If we managed to see a rally that broke below 2.825% early this week, however, that lower green line could quickly become more relevant.

In terms of data and events, with Retail Sales already out of the way, there's not much else in terms of big-ticket market movers.