Modest Gains Make For an Uneventful Week

If bonds had continued to sell off today, it would have made the week slightly more interesting, but even then, we would still be well under the high yields seen last week.  As it stands, the combination of this morning's economic data and an undetermined source of inspiration a short while later left bonds in modestly stronger territory, thus making for a very flat week in the bigger picture.  This is neither bad nor good, and also not a huge surprise given the very light data calendar.  There are bigger-ticket events in the week ahead, including a Fed announcement (just tuning in for the press conference), GDP (1st look at Q4), and PCE inflation.