After Getting a Bit Ahead of Itself, Range Restored by Data

Up until yesterday, we would have placed the lower boundary of the prevailing range somewhere between the 4.40% lows from last Friday and the 4.43% pivot point that marked most of the other recent bounces.  Yesterday stretched the boundary down into the high 4.3's--not an unforgiveable offense given Thanksgiving week's propensity for light trading to have a bigger-than-normal impact.  Now today, all it took was a few pieces of modestly unfriendly economic data and bonds are right back up to 4.43.  Bottom line: Thanksgiving week continues to deliver on all of its most boring promises.

With bonds holding sideways to slightly weaker today and with no additional data on tap, the week is effectively over.  Tomorrow is, of course, fully closed for Thanksgiving, and while Friday is technically open for a half day, it's not a day that factors into anyone's assessment of how the bond market is trading.  At best, we can hope for a bit of participation next week, but it's really the week after where things stand any real chance to get interesting again.