The bond market is certainly in a lull in terms of highly consequential data and events. It will be almost a full two weeks before the next Fed meeting and jobs report with the Consumer Price Index following a week after that. That's the caliber of data required for a definitive comment on "what's next" after bonds shuffle off their present orbit around 3.50%. Like so many SpaceEx rockets, yields looked ready to leave that orbit but have quickly returned after this morning's weak Philly Fed data. Overnight help came from softer producer prices in Germany.
The result for the range: same old, same old.