Complete Silence After AM Volatility

Complete Silence After AM Volatility Bonds were mostly flat overnight before a sharp sell-off from 8am through 10am ET. After that, momentum went flat again--especially the last 4 hours of trading.  No one is still debating whether or not the AM sell-off was due to Japan's central bank news or a post-holiday return to reality. Yields are back in the pre-Thanksgiving range and ready to respond to this week's bigger-ticket econ reports. Econ Data / Events ISM Manufacturing Employment (Nov) 44.0 vs -- f'cast, 46.0 prev ISM Manufacturing PMI (Nov) 48.2 vs 48.6 f'cast, 48.7 prev ISM Mfg Prices Paid (Nov) 58.5 vs 59.5 f'cast, 58.0 prev Market Movement Recap 09:27 AM Mostly flat overnight but selling steadily since 8am.  MBS down a quarter point and 10yr up 6.9bps at 4.084 11:09 AM No reaction to ISM data.  Holding at weakest levels.  MBS down 9 ticks (.28) and 10yr up 7.6bps at 4.09 02:34 PM Steady at weakest levels. MBS still down 9 ticks (.28) and 10yr up 7.9bps at 4.093