Without Any Domestic Data on Tap, Bonds Taking Cues From Europe

It was destined to be a mostly boring, sideways week (to whatever extent "destiny" actually has any predictive value).  Perhaps it's more fair to say that "boring and sideways" is the least surprising outcome in light of the incredibly sparse event calendar.  European data and policy speeches have been in far greater supply, generally hurting bonds on Wednesday and now helping today.  The net effect restores Treasuries to Wednesday AM levels and sets the week on track to end almost perfectly unchanged vs last week.