Mid-Day Mystery Move But no Impact on Bigger Picture

Mid-Day Mystery Move But no Impact on Bigger Picture

The most notable development in the bond market today was the fairly abrupt (but still small-scale) sell off that took place between 11:20am and noon ET.  Oftentimes, there are at least a few reasonable options to serve as scapegoats for otherwise inexplicable market movement, but that's arguably not the case this time around.  Is it political? If so, why did the market wait until 11:20am?  Is it related to other markets?  Stocks also sold off at the time, but they rallied back whereas bonds did not.  Europe?  The timing lines up, but the move in US bonds was bigger (the opposite of what a European influence would suggest).  Ultimately, the incredibly low volumes and range-contained losses mean we don't have to agonize over this one.