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Uneventful Start to What May be an Eventful Week

When there are multiple examples of important events that can cause bond market volatility in any given week but that week begins without much volatility, the analysis writes itself.  The words may vary, but the underlying message is one of “calm before the storm.”  And because the storm involves multiple economic reports that stand some chance of offsetting their directional implications, it’s safer to say “calm before the potential storm.”  The most notable volatility today was driven by trades that existed due to month-end positional needs rather than a reaction to data/events.  Thus, the biggest moves were seen at 9:30am and 3pm, but ultimately didn’t leave trading levels far from Friday’s latest.