Mixed Reaction Giving Way to Weakness After CPI

Given that today's bond trading volume has already eclipsed yesterday's, it's fair to say traders were every bit as anxious to trade this data as we expected.  With the numbers coming in roughly in line with forecasts, it's no surprise that the volume lacks a decisive directionality so far.  But while it may not be decisive, one direction has been a bit more prevalent than the other (the red kind).

High volume and moderate weakness aside, this report has thus far resulted in about as small of a reaction as could have been expected for such a hotly anticipated report.  If things don't get too much weaker, today's candlestick will end up fitting nicely inside the downtrend we introduced in yesterday's recap as well as the 3.76% technical level that's been tested as a ceiling over the past 3 days.

There are several Fed speakers on tap throughout the day with Barkin speaking moments ago, Logan at 11ET, Harker at 1ET, and Williams at 2:05 ET.