Bonds got a good amount of selling out of the way last week as markets finally picked up what the Fed has been putting down for months.  All it took was a 500k+ NFP the week before.  Throughout the week, the upcoming CPI report (Tue, Feb 14) loomed large as the next big input for the rate outlook. 

History is presently being defined.  The stakes are high.  Each update on NFP and CPI adds a chapter in the story of how the Fed (defeated/was overcome by) inflation and how the economy had (a soft landing/a completely avoidable recession). Bonds are hangin' tough this morning despite a growing list of corporate bond issuance.  It wouldn't be a surprise to see things stay much more range-bound until tomorrow's data.