Particularly Calm Before a Particularly Important NFP

The widest trading range of the week has been 4.5bps (Tuesday), but tomorrow’s jobs report could easily result in twice as much movement, or even three times as much.  Based on the relevant technical levels, that means bonds closed in the most neutral position possible (1.30% in 10yr yields leaves an equal amount of distance to the top and bottom of the 4-week range).  With that level already marking the…