Only So Many Ways to Say Sideways

Only So Many Ways to Say Sideways

It was an uneventful, boring, uninspiring, and unenlightening summertime Monday in the bond market--the kind that would have been put to far better use in the construction of another 3-day weekend.  But alas!  It happened (barely) and that leaves us with the unpleasant task of finding anything meaningful to observe.  Such days reduce the analysis to focusing on technicals and bigger picture themes.  On the technical front, 10s battled the 3.72% range floor yet again, but failed to maintain the breakout.  The bigger picture theme of "recession and disinflation" versus "a surprisingly persistent status quo" received no compelling new evidence today (which makes it easier to reconcile the flatness).