Yesterday was a bit of a puzzler for bond markets.  Volumes were decent, but movement was contained in a very narrow range (seen in the chart below).  On one hand, that could be seen as a victory considering bond markets absorbed a huge corporate deal from Microsoft ($17 bln) without breaking through yield ceilings.  On the other hand, bonds ignored the big losses in stocks, refusing to break through the floor of the range.

As you can see in the chart, the range was briefly broken early in today's overnight session, it has since rematerialized.  If yields break higher today, that would be a slightly more informative outcome considering month-end bond buying should be providing a constant support, albeit modest.  Breaking through the floor would be a bit easier to conceive, for the same "month-end buying" rationale.  

Key data points include Chicago PMI at 945am and Consumer Confidence at 10am, with the former tending to have a bit more market movement potential.  The 2-3pm time frame can always be more volatile than normal on month-end trading days.