Relative to the expectation for yesterday's Fed events to cause volatility, the movement we've seen in the bond market has been fairly pitiful in response.  Seriously folks... I can't think of a bigger gap between they hype and the outcome with respect to Fed days.  Today was merely "The Anticlimax: Part 2."

In the overnight session, yields respected the exact some highs as the previous overnight session.  During domestic hours, bonds rallied just enough to get close to yesterday's best levels before retreating to something almost perfectly between the two.

This is a classic, albeit miniature, consolidation pattern.  It could signal a measure of equilibrium between buyers and sellers at current levels, but more likely, it's simply a sign of indecision and apathy after the Fed failed to provide inspiration to retest the levels seen after last week's ECB announcement.

Tomorrow's data calendar won't be much help when it comes to basing trading decisions on economic data (it's empty).  There will be a few Fed speakers throughout the day, but whether they offer anything new or different beyond yesterday's Fed info deluge remains to be seen.