• 10yr yields hit 1.697 today, matching last Friday's best levels--the lowest since April 7th
• Less than 2bps of movement all day though!
• Fannie 3.0s rose an eighth to 102-31
• European corporate bond buying did nothing much
• 10yr auction was well-received, but didn't move markets
• What will move markets?

Things are getting tedious in bond markets, but at least in a good way.  Yields are grinding in a narrow range around their lowest levels of the year.  Only 4 days have seen any lower this year, with the most recent being 2 months ago on April 7th. 

We may well have seen more volatility today with the roll-out of the European corporate bond buying program, but it ended up having no net impact by the end of the day.  Perhaps traders just did THAT good a job of pricing its effects in, or perhaps its effects are yet to be fully seen.  Only time will tell.

Unless something else jumps out at us between now and then, next week's FOMC Announcement seems like the next focal point for volatility.  Having said that, I would say that almost any time we've looked that far into the future for the "next big thing," markets end up moving sooner for some unforeseen reason.  We'll see...