Uneventful Calendar. Uneventful Trading

The bond market remains in an aggressively sideways holding pattern as traders wait for economic data and events that have enough street cred to meaningfully challenge the trading range.  Such data is completely absent from today's calendar.  In fact, things arguably don't get interesting until Thursday when we get the first look at GDP for Q1.  Then on Friday, the PCE inflation data arrives as the only other moderately relevant report.  To make matters more sideways, the Fed is in their pre-meeting blackout period (i.e. no speeches/comments in the 12 days leading up to the announcement). 

With or without Fed clarification, the market continues to grind back toward higher rate expectations after the big drop in early March (due to bank failure drama).

Things have been a bit more sideways for longer term rates.  After all, it makes sense for the shift in Fed rate expectations to hit shorter term rates much harder than long-term rates.  The discrepancy means the same old sideways range remains intact.

The week is off to an uneventful--if slightly stronger--start, but not in response to any particular development.