I have noticed that while the 10-year cash bonds and bond futures move together, for some reason the bond future is a lot less volatile. On Thursday, cash bonds were down 18/32 while bond futures were down 10.5/32. On Wednesday (from memory), cash was down 13/32 while futures were down 10/32. For the last week, cash bonds were down 0.57% (my system records the %age moves and not the number of ticks) and futures were down 0.40%. I've noticed this for a while and haven't been able to figure it out. It looks like the futures move 70% of the cash bond move. Anybody know why?