Uneventfully Sideways At Modestly Weaker Levels

Friday ended up being the least interesting day of the week although it did manage to offer some hope that the post-Fed selling spree has found a limit.  Bonds were just a bit weaker in the overnight session but opening levels were roughly in line with Thursday's weakest levels (so no real additional selling in daily terms). In addition, the opening levels served as support that offered several bounces throughout the day in Treasuries (4.14% in 10yr yields, e.g.). Some would consider such things to be early evidence of the market finding its footing after 2 days of selling. Ultimately though, bigger moves remain dependent on econ data. Next week is fairly light in that regard, but the plethora of Fed speeches could help balance the hawkish takeaway from this week's Powell press conference.