From Matthew Graham at Mortgage News Daily: Modest Gains. No Particular Reason
The week got off to a slow start as far as the bond market was concerned. Volume was the lowest of the year so far, even if only by a small margin. Volatility was also muted, at best. The overnight session provided modest gains and about half of the gains stuck around through the close. Even so, the improvement wasn’t remotely enough to change the prevailing landscape in which bonds are in a modest uptrend in search of a short-term ceiling from which to carve out a broader sideways set-up for the more important events in the next 3 weeks. [30 year fixed 6.87%]
emphasis added
Tuesday:
• At 10:00 AM ET, Richmond Fed Survey of Manufacturing Activity for January.
• Also at 10:00 AM, State Employment and Unemployment (Monthly) for December 2023