It's the day after the CPI data and thus begins a concerted effort over the next few weeks to avoid compiling every piece of commentary as a simple countdown to the next CPI.  To be fair, we will avoid some of that temptation by counting down to the first week of June with its more robust economic calendar and by the time we get through the jobs report on June 7th, it will be perfectly logical to move on to CPI anticipation.  But for now, Memorial Day market closures may as well start early. 

Bonds are little-changed from yesterday with modest gains turning into modest losses after the 8:30am econ data.  No one should read anything into the level of weakness seen so far today as it leaves trading levels easily inside yesterday's post-CPI range.  If there's one report to blame for the push-back this morning, it would have to be Import Prices. That's a break from the norm (it essentially never has an impact), but this one was exceptionally far from the forecast at 0.9 vs 0.3.