Nothing to See Here

Nothing to See Here

It would be hard to make a case for any other day in the past month being more boring than today.  Indeed it was the first true "inside day" (today's range contained inside the previous day's range) since late April.  To make matters more sideways, MBS and Treasuries were both close enough to unchanged at the 3pm close, as long as you're asking 10yr yields (2yr yields moved several bps higher).  If there was a reason for short-end underperformance, it could have been Australia's central bank hiking rates somewhat unexpectedly.