Q4, 2020 was all about yields moving higher at a gradual pace.  Same story for Q1, 2021, but at a much quicker pace.  If Q2, 2021 has a them, it's been the consolidation of the past 2 quarters of weakness.  So far, this consolidation pattern has been perfectly flat with the only potential exception being the first hour of trade following the most recent NFP number.  In fact, it's flatter than flat.  That's not casual hyperbole, but rather, a reference to the lower highs and higher lows converging on the same central point of gravity (1.62% in this case). 

The week ahead consists primarily of housing-related data with Friday's Existing Home Sales release arguably standing as the headliner (followed closely by new construction numbers on Tuesday).  In the absence of higher-consequence data, this will offer a good opportunity for the bond market to either double down on the sideways theme or give us a hint about a new move.