With the growing focus on economic data as a way to track progress on the Fed’s anti-inflationary policies, and the fact that the data calendar is sometimes relatively blank, it’s not surprising to see a lack of conviction on days without any meaningful data. This is especially true of Fridays and Mondays in the summer. Today is no exception. In fact, bonds have been basically flat since last week’s rally ended Thursday afternoon. Looking at the economic data coming out this week, there is no clear decision for the bond market to make and that won’t really change until next week’s Federal Reserve announcement.