Another Flat Day, This Time With Data

While it would be an overstatement to say that bonds have fully outgrown the phase of volatility that's dominated October and early November, it's not unfair to say that volatility has been subsiding rather markedly--especially if we focus on day over day closing levels.  8 out of the past 8 trading sessions have seen 10yr yields end the day in a 4.40 to 4.46 range--pretty narrow, even for a more boring economic and political backdrop. Today's neutrality had at least something to do with the mixed messages in the econ data, but bonds are definitely waiting for the heavy hitting report of early December before making bigger bets.