Another Slightly Stronger Start

Once again, bond yields dropped in the overnight session in concert with lower oil prices. Today's iteration is less swift than yesterday's, but after last week's sell-off, we'll take any green we can get. Econ data is light and inconsequential. The 7yr Treasury auction is typically not a source of drama. That leaves focus on any notable war headlines. Otherwise, Wednesday afternoon's Fed announcement remains the week's focal point for clarifying the Fed's policy stance and for the bond market to adjust accordingly.  The big picture remains little-changed, but slightly less dire than last week. Yields have returned inside the long-term trend channel. This doesn't predict the future, but it's nice to be inside the blue lines than breaking wildly above them.