Modest, Decent Gains, But Not Many Surprises

Modest, Decent Gains, But Not Many Surprises

The bond market continues mostly adhering to expectations for narrower trading ranges and less directional movement against the backdrop of a holiday-shortened week without any major market movers.  But wait! What about the Fed Minutes? Wouldn't this classify as at least a POTENTIALLY major market mover?  At times in the past, sure, but at present, not so much.  We were comfortable asserting as much even before the Minutes came out and now that they're in the rearview, their insignificance is clear.  The market has clearly shifted gears into holiday mode with light volume and liquidity greasing the skids for random volatility without any fundamental justification.