Uneventful Monday Leaves Bonds Little Changed

Uneventful Monday Leaves Bonds Little Changed

It was a quintessential summertime Monday to start the new week.  Trading volumes were exceptionally light and volatility wasn't far behind.  Most of the movement happened right at the 8:20am CME open with Treasuries quickly repairing some incidental overnight damage.  The 9:30am NYSE open saw a quick pop and drop, but from there, it was super sideways for Treasuries and especially MBS.  Both ended the day in effectively unchanged territory vs Friday.  Uneventful days become less likely from here on out due to Treasury auctions, Powell Testimony, but most importantly, Thursday's CPI data.