Mass Panic as 10yr Yields Lose Almost 4bps

It's unclear if the industry can recover from what is surely one of the most troubling rate spikes in modern economic history. Invoking one of the most classic Simpsons quotes to qualify today's headline: "by the way, I was being sarcastic."  Getting back to saying things that are true and lacking in sarcasm: anything that happens in a yield range of 4.34-4.50 is utterly uninteresting.  Yes, we did have a modest amount of weakness this morning with bonds chasing UK yields higher after hotter inflation data, but again, the weakness didn't even begin to challenge the range.  The afternoon brings a 20yr bond auction and the Fed Minutes.  Neither are expected to raise any pulses.