August began with bond yields moving down from 3%, effectively keeping them in a sideways-to-slightly higher trend that arguably dates back to January.  The trend may have taken a break in the spring as yields tested a move over 3.10%, but geopolitical considerations and trade tensions quickly caused traders to rethink it.

At times, the range has been as narrow as 2.82-2.88, which is also true for most of this week, and easily true for today.  With rates operating so persistently in such a narrow range, there's little to do but wait for a breakout.  Otherwise, we'd just be enumerating a litany of bull vs bear arguments for rates and marveling at their serendipitous counterbalance.

I sincerely apologize for that fact that the last sentence read like something out of a vocab book, or a high school term paper where the kid is trying too hard.  I will make it up to you by cutting today's recap short.  Back at it on Tuesday.  happy Labor Day weekend!