Quietest Trading Day of The Year We've seen other days this year where bonds have traded in a similarly narrow range, but none of those days boasted the exceptionally low volume seen today.  Even without it being an early close, it is still on track to being the lowest volume day of the year.  There was no reaction to the home price data this morning (nor would we expect that, even on a busy day), but the 2yr Treasury auction produced a bit of a response in shorter-term Treasuries.  10yr yields didn't react much, but they were able to turn a microscopic loss into an improvement of similar proportions (i.e. less than 1bp lower on the day). Econ Data / EventsCase Shiller Home Prices y/y 4.9 vs 4.9  FHFA Home Prices y/y6.3 vs 6.2  Market Movement Recap09:49 AM Sideways in a narrow range overnight.  Little changed now.  10yr down 0.2bps at 3.899.  MBS up 2 ticks (.06). 12:46 PM The flatness continues.  10yr up less than 1bp at 3.908.  MBS up 2 ticks (.06). 03:32 PM 10yr now less than 1bp lower at 3.893.  MBS up 1 tick (0.03).  Super slow trading.