Once upon a time, the bond market looked to the PCE inflation data as the definitive measurement of the Fed's success regarding the 2% target. One would think that such a report would be a bigger market mover, but today's has two things going against it. First off, CPI is the market's first choice when it comes to reaction to inflation data these days. On a more timely note, today's data was right in line with expectations at the core monthly level. This made for a brief, 2-way reaction to the internal components of the data, but one that ultimately left bonds unchanged. It also left trading levels at the mercy of positional motivations at the 9:30am NYSE open.