This morning's only upper tier economic report, The Producer Price Index (PPI), came out a bit hotter than expected with a fairly significant revision to previous months.  The revision brought the year-over-year core level to 2.5 last month versus an initially-reported 2.2%.  In turn, that allowed the current data to beat the median forecast of 2.3% by a whopping 0.4%.  Despite the higher inflation, bonds are adding to overnight gains.  Yields have now fully erased last week's weakness and are just over 30bps lower versus Friday's peak.

Once again, we only have geopolitical considerations and the pervasive

Still to come: 10yr Treasury auction at 1pm.  This will be a good, quick acid test for the digestion of sharply lower yields.  An hour later, we'll get the Minutes from the most recent Fed meeting (3 weeks ago).  This is best thought of as a potential market mover, but one that tends to not result in the same sort of mandatory volatility as an actual Fed day.