Adrift.

It was another day adrift in post-holiday purgatory for U.S. equity markets (everything flat), but there were some notable moves in bonds. As Bloomberg notes, "month-end duration extensions and quarter-end rebalancing flows are moving into focus and appear supportive of long-end Treasuries, especially with the end of the trading week shortened by a SIFMA recommended early close on Friday."  Yields were sharply lower at the long end on Wednesday: 5s30s was flatter and collapsed below 55bp