Moderate, Inconsequential Weakness Bonds lost ground at a modest to moderate clip on Friday, but not for any interesting or obvious reasons.  The selling has been very linear over the past 2 trading days with Treasury yields fitting neatly inside a simple trend channel.  There is perhaps some small case to be made for excess weakness in European bonds spilling over the a US bond market that has nothing better to do and no compelling motivations of its own.  In the bigger picture, anything that takes place between 10yr yields of 4.34 and 4.50 would be considered very range-bound and that range might not be meaningfully challenged until the first week or two of June. Market Movement Recap09:15 AM Modestly weaker overnight with 10yr up 2.3bps at 4.40 and MBS down 2 ticks in 6.0 coupons 12:48 PM weakest levels of the day with MBS down 6 ticks (.19) and 10yr yield up 3.6bps at 4.413. 03:09 PM Just a bit more weakness, but flatting out now.  MBS down just under a quarter point and 10yr up 4.3bps at 4.42