Uneventful Day, But That's a Victory These Days

Uneventful Day, But That's a Victory These Days

Last week's bond market action offered some glimmers of hope that the most recent jobs report wouldn't cause ongoing momentum toward higher rates, but yields nonetheless hit their highest levels on Thu/Fri.  Today is a victory in that context as bonds moved back into the lower half of last week's trading range and all without any major market movers in play.  To be fair to the NY Fed Manufacturing index, it was a market mover and it did help set a rate-friendly tone out of the gate.  That said, the move looked more like a yield curve adjustment as opposed to a widespread bond rally (i.e. 30yr yields dropped 9bps while 2yr yields were basically unchanged).   Thursday AM's data is higher consequence.