The bond market may be data dependent (it totally is!), but not just any data will do.  You'd be forgiven for thinking that things like "GDP" and "Core PCE Prices" are important enough for the bond market to react.  This is especially confusing due to the fact that one of today's line items sounds a lot like "Core PCE," which is indeed one of the Fed's favorite benchmarks for its inflation target.  We'll get the more relevant Core PCE tomorrow (even then, it's not as important as CPI).  Today's PCE data is part of the GDP data which, itself, is so damn old that it doesn't even matter anymore (October-December of 2023).  Since we already have almost all the relevant data for January, that's ancient history and it's no surprise that markets don't care.

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The "not econ data" pop that followed about 20-30 minutes later was linked to a glut of new corporate bond issuance.