Inconsequential Weakness Part 2

Yesterday's closing commentary also noted "inconsequential weakness," and there's not really a better way to refer to this morning's modest losses.  Once again, they arrive in excruciatingly light volume and without any obvious motivations in news/data. The move is also inconsequential due to the range.  We've talked plenty about the 4.17% floor, but what's the ceiling?  That's up for discussion, but it presents a rare opportunity to find some actual utility in something like a moving average.  At the moment, the 200 day moving average is serving as a central point of gravity for yields.  As long as we're within 7-8bps of that mid-point, everything is inconsequential.