Flat Ending After Early Head Fake

Ending Near Unchanged Levels After Early Head Fake Trading volumes confirm that bonds are 100% back in action, but after this morning's selling pressure proved to be a head fake, that volume hasn't translated to any meaningful momentum.  This isn't too hard to accept considering the absence of big-ticket econ data. Things change on Wednesday with the release of ADP, JOLTS, and ISM. This is our first chance to see some actual data-driven volatility in several weeks. Econ Data / Events S&P Global Composite PMI (Dec) 52.7 vs 53.0 f'cast, 54.2 prev S&P Global Services PMI (Dec) 52.5 vs 52.9 f'cast, 54.1 prev Market Movement Recap 09:43 AM Modestly weaker overnight and sideways so far. MBS down 2 ticks and 10yr up 1.2bps at 4.176 10:37 AM Weakest levels of the day on defense spending comments.  MBS down an eighth and 10yr up 2.4bps at 4.187 01:27 PM Bouncing back now. MBS unchanged and 10yr up 1.6bps at 4.179 03:25 PM Holding sideways near unchanged levels in MBS, currently down 1 tick (.03). 10yr yields up 1.1bps at 4.174