Moderate Weakness For Uneventful Reasons

Bonds lost some ground today with 10yr yields up roughly 2bps heading into the 3pm CME close and 2.0 MBS down an eighth of a point.  Viewed holistically, the week was very calm and yields ended right in the middle of the range (1.22-1.30% in the narrowest terms).  There were no sensational stories behind the move–just the sort of housekeeping trades we often see on the Fridays heading into auction cycle weeks.  In…