Watching the bond market in real time can be stressful if you work in an industry that is highly sensitive to price. There is a tendency to get caught up in the in-the-moment action on any given day as if it has a major impact on the bigger picture. However, it usually does not. Take this morning, for example. It seems out of nowhere, 10yr yields are 10 basis points higher. It’s the biggest sale in – what? 2 weeks only? And have there been 5 more days with similar losses in the past 3 weeks? Bonds are still in the same old trading range – a very tight range in the bigger picture.