Slow Start as Markets Wait For Inspiration Bonds got off to a slow start despite the holiday-shortened week.  Yields began in slightly higher territory in Asia, but rallied back to 'unchanged' by the start of U.S. trading and to slightly stronger levels by the end of European trading.  The 2nd half of the U.S. trading day brought better selling, but not enough to take bonds into weaker territory as of the 3pm CME close.  More importantly, all of the above took place in a narrow enough range to argue against any deep analysis. Market Movement Recap09:59 AM Slow, steady gains all night and into U.S. hours.  10yr down 2.5bps at 4.256.  MBS up 3 ticks (.09). 11:43 AM Modest gains continue.  MBS up 6 ticks (.19) and 10yr down 2.9bps at 4.252. 02:55 PM Weakest levels of the afternoon, but still slightly positive.  MBS up 3 ticks (.09).  10yr down half a bp at 4.275. 03:42 PM More sideways over the past hour with MBS still up 3 ticks (.09).  10yr now down 1bp at 4.271.