• Yesterday was tense at moments, with several attempts made to break the range
• Not only did the range hold, but we quickly moved back to the other side
• On one hand, that's encouraging.  On another, it means bonds have yet to commit

As Wednesday begins, we find bonds squarely back inside the same old range that has persisted almost perfectly since the FOMC Minutes release 2 weeks ago (1.82 to 1.89 in 10yr yields).  Yesterday, it looked like that range was under serious threat, but somewhat surprisingly, yields bounced multiple times at 1.89 between 9:00 and 9:30am before finding inspiration to rally for the rest of the day.

Rather than serve as an impetus to trade in the opposite direction, the first day of this new month has seen yields continue moving to the other (lower) side of the range.  While this is a welcome development in the sense that "gains are good," it also prolongs the indecisive sideways grind between 1.82 and 1.89.  

It's as yet unclear whether economic data will have any impact on this range, or if it is simply up to the Fed and the expectations for a June vs July rate hike.  Today's data ramps up in importance ISM Manufacturing at 10am (ADP is delayed until tomorrow), but we may have to wait for the even bigger report on Friday (NFP) to see how much data matters right now.