Bond markets began the overnight session with a small corrective move back toward lower yields but flat-lined at 2.26 (10yr yields).  Selling pressure returned as German Bunds quickly moved into negative territory after a failed 30yr auction (not enough bids to cover the auctioned amount).  In that light, Treasuries' ability to hold firm at yesterday's ceiling was fairly reassuring.

By the start of the domestic session, Treasuries were almost perfectly in line with yesterday's latest levels, allowing MBS to open in similar territory.  From that point on, nothing much changed for the day.  There was a slight drift into weaker territory late in the afternoon, but it never became threatening apart from setting a slightly higher closing yield for 10s.  For their part, MBS actually improved a few ticks.

Data was passed over without more than a quick glance or two.  CPI came in slightly weaker than expected, and while a good chunk of volume followed the data, the verdict was that it didn't bring any clarity to tomorrow's Fed Announcement. 

As a reminder, the actual Announcement will be at 2pm, along with the forecasts.  Yellen speaks at 2:30pm, first with prepared remarks and then in Q&A.  The "hike or no hike" question will be answered in the 2pm Announcement.