Boring Day But At Least Bonds Turned Green

Boring Day But At Least Bonds Turned Green Tuesday offered remarkably of interest or consequence for the bond market. The most notable development was the brief visit to 4.75% in 10yr yields followed by the emergence of the quintessential "dip buyer" (i.e. "hey look... yields are high enough again that I think I'm going to buy some Treasuries"). The post-9:30am timing adds emphasis to that mentality among the retail investor community. Apart from that, there were no obvious motivations or relevant data points. Wednesday suffers a similar absence of scheduled events with the only exception being the Fed Minutes release at 2pm ET.  Econ Data / Events Building Permits (Jul) 1.443M vs 1.37M f'cast, 1.374M prev Housing starts number mm (Jul) 1.239M vs 1.35M f'cast, 1.427M prev Import prices mm (Jul) -0.4% vs 0.1% f'cast, 0.3% prev Market Movement Recap 09:17 AM Slightly weaker overnight and sideways since then. 10yr up 1.8bps at 4.74 and MBS down an eighth of a point. 12:51 PM MBS unchanged and 10yr down 1.2bps at 4.71 02:37 PM MBS up 1 tick (.03) and 10yr down 1.6bps at 4.706