Although yields were able to close at the lowest levels in more than a month yesterday, bonds continued to trade in the same intraday range (roughly 2.30-2.44% in terms of 10yr yields).  Today begins with that range being firmly reinforced as yields are well off the lows (currently up to 2.37%) ahead of this morning's economic data.

There are several reports on tap throughout the morning.  First up is the Consumer Price Index (CPI) for December.  With inflation increasingly back in the spotlight after years of living in the shadows, every major inflation-related report is a potential tape bomb.  CPI is definitely one of the more significant inflation metrics.  The median forecast calls for steady month-over-month core inflation, and a 0.1% increase in year-over-year core inflation.  

Industrial Production is expected to reverse into positive territory to the tune of +0.6 vs -0.4 at 9:15am.  And the NAHB Housing Market Index is expected to drop 1 point to a still-decent 69 vs 70 at 10am.