Broadly Sideways Despite Intraday Volatility

Shorter term bonds lost ground today while longer term bonds and MBS managed a modest victory. While this isn't really a victory considering the mixed performance, it was better than a sharp stick in the eye.  Moreover, MBS were able to outperform--something that is not at all uncommon on the first few days of a Treasury auction week.  In the bigger picture, yields are hugging the upper boundary of a trend that would seem fairly boring and only slightly weaker over the past few months after breaking sharply below and above that trend after the tariff announcement drama.