It's another slow week for bond markets in terms of pure "economic data."  The only relevant reports are Existing Home Sales (Wed), New Home Sales (Fri), and Consumer Sentiment (Fri).  None of these are especially reliable market movers, and Consumer Sentiment is mainly important due to its inflation expectation component (one of the things the Fed admits to watching).

Economic data is just one subset of calendar events.  Fed communications and Treasury auctions are in their own categories.  Both show up this week.  Wednesday's 2pm release of the FOMC Minutes (a more detailed account of the Fed's conversation that culminated in the statement we saw on Feb 1st) is probably the biggest potential market mover on the calendar.  The Fed didn't make any material changes at that meeting, but the Minutes may well hint at material changes in the coming meetings. 

The 2, 5, and 7yr Treasury auctions will begin today with 2's (5's on Wed, 7's on Thu).  This is the less meaningful of the 2 auction rotations when it comes to market impact, but every glimpse at official demand is potentially informative as we work our way deeper into the prevailing sideways range.  With moderate overnight weakness kicking off this week, short term momentum is shifting negatively for bonds.  The first defensive ceiling to watch will be 2.475, with a break implying a test of the upper consolidation line (passing through 2.50% today, approximately).