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Bond trading drifts on a data-free summer Friday
Moves were small, with Treasuries slightly higher overnight, then slightly lower by 9:15am ET as trading churned.
Mortgage News Daily reports that bonds were marginally stronger overnight but edged lower by 9:15am ET, with prices expected to keep flipping back and forth into the close.
The outlet attributed the choppy action to a lack of scheduled data, saying so-called data-free summer Fridays can behave like random events that fizzle sideways when larger players do not have big intentions.
It added that thinner summer participation can still make any large trades that do appear have an outsized impact compared with a typical day.
As long as yields stay within the prevailing consolidation pattern, Mortgage News Daily said there is nothing of high consequence happening.