Mostly Holding Last Week’s Impressive Gains

At the start of the domestic session, bonds had actually managed to build on last week’s impressive gains, even if only by a few bps. That was a bit of a revelation as we didn’t know how much credit to give “defensive positioning ahead of a 3 day weekend” for a portion of those gains. Now that we’re a few hours into the trading day, the early gains have evaporated, but…