Uncertainty Extended Indefinitely

Uncertainty Extended Indefinitely Heading into last night's ceasefire expiration, there was a sense that the market would at least have something to provide a directional cue to break the recent range-bound monotony. Instead, not only was the ceasefire extended, but the new deadline is explicitly TBD. This makes the expiration of range-bound monotony similarly uncertain. Today's almost perfectly flat trading session submits itself as evidence. All this having been said, the absence of a deadline doesn't mean things can't change precipitously. Econ Data / Events ADP Employment Change Weekly 54.75K vs -- f'cast, 39K prev Retail Sales (Mar) 1.7% vs 1.4% f'cast, 0.6% prev Retail Sales Control Group MoM (Mar) 0.7% vs 0.2% f'cast, 0.5% prev Pending Home Sales (Mar) 1.5% vs 0.1% f'cast, 1.8% prev Market Movement Recap 09:27 AM MBS up 3 ticks (.09) and 10yr down 1.9 bps at 4.276 12:23 PM MBS now unchanged and 10yr also unchanged at 4.297 03:19 PM MBS up 2 ticks (.06) and 10yr down 0.3bps at 4.292