If we were limited to only one observation about the bond market over the past few trading sessions, it would be that volume and volatility have been more subdued following the big build-up to last week's CPI data. ALL of the trading since then has taken place in the range created on CPI Wednesday. Inside that narrow range, there's still been plenty of intraday volatility.
Tuesday is no exception as corporate debt issuance and a European bond sell-off add pressure early. European bonds have generally been more relevant in the past few days as this week's biggest ticket in terms of potential market movers is Thursday's ECB (European Central Bank) announcement.