This mostly data-free week ends today with one of the only potential market movers ranking as "2nd tier" or better. But Consumer Sentiment at 10am isn't important because of the headline sentiment reading. Rather, market participants are more interested in the "inflation expectation" metrics. These have been specifically called out by Yellen and the Fed as one of the inflation metrics they're watching when it comes to determining the pace of rate hikes.
Meanwhile, broader momentum continues to fit perfectly in the context of a big, symmetrical consolidation range. If rates bounced yesterday and today, it would have made for a perfect "higher low" from early January's lows. These are mirrored by the "lower highs" from late Dec and late Jan.
Even if we lose more ground today, we're too far from either side of the consolidation range to stand a legitimate chance of breaking out (barring the catastrophic). As such, bigger decisions are punted to next week. Today's only chore will be following along with intraday risks to rate sheets.
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