Uncanny Calm Unlikely to Last For the third straight day, the bond market traded in a range that was significantly more narrow than almost any other day in more than a month. By the time we consider the overall range of the past 3 days, there aren’t many comparable examples. The closest candidates tend to fall at the end of the month and to be followed by a quick return to prevailing patterns of volume and volatility. Econ Data / Events Jobless Claims 198 vs 196 f’cast, 191 prev Q4 final GDP 2.6 vs 2.7 f’cast, 2.7 prev Market Movement Recap 08:59 AM Flat start despite some back and forth overnight. Slightly weaker after data, but not necessarily because of it. 10y up 2.3bps at 3.589. MBS down an eighth. 01:32 PM Sideways to slightly stronger. 10yr down 1.5bps at 3.551. MBS up 1 tick (0.03). 03:27 PM modest additional gains in Treasuries heading into the afternoon. 10yr down 2bps at 3.547. MBS still flat at same levels as the last update.