Getting Back to Normal, For a Few Days Anyway

After a decidedly abnormal 6 weeks beginning in early October, bonds began to calm down last week.  This offered some hope that the brisk volatility and selling pressure was subsiding.  With 10yr yields closing inside a 3bp range for 5 days in a row, the restoration of normality is basically confirmed.  Today's data didn't have a big impact, but we wouldn't expect it to (based on the mixed signals).  Bonds continue waiting on early December data for the next big push in one direction or the other.  The upcoming week is always a bit of a wild card due to the holiday and month-end, but the fact remains that there are no truly top tier market movers.