Modestly Weaker But Ultimately Uneventful

In terms of the realized volatility relative to potential volatility, this week turned out to be about as calm as we could have possibly imagined.  It is truly stunning that we will not be able to look back on daily bond market charts and pick out the most interesting Fed meeting in years.  As for Friday, it was void of data and serendipitously weaker for bonds.  One could argue that it's a simple continuation of "selling the news" after "buying the rumor," but we'd argue motivations don't matter when we're only counting a few bps of weakness in 10yr yields that leave us at levels that are still lower than all but a a week and a half of the past year and a half.