The frustrating thing about weeks that are normally vacation-heavy is that the resulting lack of volume and liquidity can leave bonds in a position to make quick, unprovoked, illogical movements... sometimes.  Other times, the vacation-week gameplan is simply to keep bonds as close to unchanged as possible,  with the intention of sorting things out after everyone gets back in the office.

To make matters just a bit more uncertain, there are no economic reports until Wednesday and only one significant piece of data with Friday's Durable Goods.  We'll also get Fed Minutes on Wednesday, but don't expect fireworks considering the meeting itself produced a very bland policy announcement.

Technicals are in agreement with fundamentals.  Yields are grinding around in a sideways range in the mid-2.8's.  They're potentially on the verge of some positive cues (breaking below yellow trendline or breaking below the neutral line in the MACD Forest technical seen below), but clearly avoiding those cues for now.