Now Counting Hours Instead of Days

While there are several ways in which the trading environment of the past few years is more exciting than normal, it comes with one notable caveat: only a few scheduled events really matter.  On the econ data front: it's CPI and NFP (inflation and jobs). Apart from that, it's Fed days--especially the version with updated dot plots.  The implication is that there's a fair amount of waiting around in a sideways grind between these key events.  In that regard, today is just another waiting day, albeit with some small potential impact from the 20yr bond auction at 1pm.  In the bigger picture though, 10yr yields are very much waiting near the 4.32 ceiling to see what the Fed has to say.

The following chart show the weeks with jobs and CPI data as well as the most recent Fed meeting.  Note the comparatively higher volatility on those weeks.