The week continues to be every bit as riveting as expected, which is to say it's not-at-all riveting. At least today's version of inconsequential drifting was the one where we move higher in price. The counterpoint is that not much of the gains in price made it through to rate sheets, largely because lenders held off on repricing worse yesterday and today's prices didn't even crest yesterday's 9:30am levels until after the 10yr Auction. When they did, it was by 2 and a half ticks. Not a huge deal, and not a huge gain on rate sheets. The auction was the only tradable event of the domestic session, with most of the volume and movement coming in the European hours. Tomorrow offers another chance to see if data can stir sleepy summertime markets with Jobless Claims. If the data and the auction result are on the same page, it could be good for bond markets, but lenders are likely to be less aggressive until Class A settlement is over. Tomorrow is roll day (prices will "drop" at the close as August Fannie/Freddie 30's are retired and September prices take over