Old Range is New Again as Markets Wait For Mid-Tier Data

By the middle of December, bond yields made a convincing move down from decades-long highs and settled in a sideways range on CPI/Fed week.  We re-entered that same sideways range after last week's CPI (3.42-3.62 in 10yr yields), and now wait for a slew of mid-tier reports to see if they're up to the task of informing a new range breakout.  These include Retail Sales on Wednesday and Philly Fed on Thursday along with many of the housing-related reports that typically don't impact bonds in a noticeable way.