The most interesting thing that happened in the bond market today involved trading levels breaking to just slightly worse levels than last week. Looking back to the beginning of the month, this is starting to look like a trend toward progressively weaker levels. But is it? From a purely technical standpoint, that case could be made, but considering volume, the time of year, and the econ calendar, it's just as easily chalked up to incidental movement in a narrow range. In fact, all of August's trading continues taking place well inside the range set by the post-jobs report rally.
