It’s a summer Friday in the bond market, so anything can happen. Bonds can rally or sell off without any apparent connection to anything in the news or calendar. However, these are just the kinds of possibilities we wouldn’t be surprised to see in a data-free summer on Friday. We do not enter the day with high expectations for one outcome or another. More importantly, any outcome will be hard-pressed to alter the broader narrative which is the broader bond market in general and which is seeking clarification from Fed Chair Powell at next week’s post-rate hike press conference. Meanwhile, back on the subject of data-free summer Fridays, bonds are off to a slightly stronger start with a characteristically exaggerated move at the 8:20am CME open (often the main source of movement/volatility on mornings when participation is light and data is absent).