What is there to say about a day that has been so flat and uninteresting--especially compared to yesterday's craziness?  Treasuries have essentially returned to the same old trading pattern that dominated the action before yesterday's rout.  In fact, when we look at the charts below of MBS and Treasuries we can see just how flat 4 out of the past 5 days are.  Fingers crossed, the pre-Fed selling spree ran its course yesterday.

We can talk about some of today's specifics, but the caveat is that nothing short of another snowball movement in markets really matters until the Fed events tomorrow afternoon.  In other words, if we're flat, things are boring.

Things weren't so boring for German bond markets overnight as the country's 30yr 'Bund' auction failed to garner enough bids to cover the auction amount.  That's unheard of when it comes to US Treasuries and still pretty rough when it comes to European bond markets.  They clearly made a case for weakness overnight, but US Treasuries were able to hold their ground without making any new highs.

From there, this morning's data saw Consumer Prices come in weaker than expected--certainly not a compelling argument for the Fed to hurry up and hike.  That said, I'm not sure if a stronger CPI report would have done much to change whatever is about to happen tomorrow.