At the risk of repeating ourselves regarding bond market trends of the past few months, 2022's initial rate rout clearly gave way to something more 'sideways' in May.  Even as yields seemed to be rallying, they were only doing so in the confines of what had to be a sideways trend.  No over the past week, that trend was reinforced by a hard bounce off the floor.  Call it 2.72% if you like.  The weakness is sufficient to ask if it's already time to start considering ceiling levels for the sideways range.  The case for such things is bolstered by modest attempts to rally under technical ceilings, as with the move under 3.01% seen by the start of domestic trading.  Ultimately though, it will be up to this week's "supply" rotation and, most of all, Friday's CPI data.

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