Waiting on Highly Consequential CPI Data

The week begins with bonds in modestly stronger territory after a bit of initial volatility.  None of the trading after last Friday's NFP has mattered much to the bigger picture.  The most recent damage was done before that and the market now waits for Wednesday's CPI as the next big shoe to drop.

Between now and then, unless an unexpected development manages to break yields above recent highs (4.09% in the 10yr) or back below the 3.84% technical level, nothing too interesting is happening.