Nothing at all happened today. There were no significant market moving events. Data didn't matter--or at least no one cared to trade it today. Obama's speech didn't matter. Market participants are either tired of Fed Chair speculation that doesn't bring substantive new information or simply aren't around to respond. There was no scheduled Treasury operation today, so we didn't have that going for us, which is neither bad nor good. Even the overnight data deposited bond markets right where they'd left off yesterday so they could generally end today at the same levels after a wholly inconsequential sideways drift. So to be clear, that's an inconsequential day to end and inconsequential week. To make all of the above as simple as it can be: last Friday's latest price on Fannie 3.5s is exactly the same as today's. 10yr yields are 2.58 vs 2.59 last Friday. We may begin accelerating next week as more relevant data starts up, but the better bet for a return of a pulse to market participation is the following week and infinitely more so the first week in September when get post-Labor-Day NFP.