The most recent sideways slide began just before noon last Friday.  Bonds had rallied in response to the jobs report with 10’s closing at 4.29%.  Since then, there hasn’t been more than 4bps of movement in either direction, and the range has been even narrower 95% of the time.  Part of the reason is the absence of new inspiration.  Since the jobs report, there haven’t been any massively actionable economic reports or calendar events.  Today’s calendar is similarly light.  The 2nd day of Powell testimony is unlikely to offer any new insights and the 10yr Treasury auction–while a bit of a wild card for short term volatility–won’t impact the big picture with the all-important CPI on deck tomorrow morning.
Source: Mortgage News Daily