Small Scale Volatility Against Bigger-Picture Holding Pattern

Bonds took several opportunities to react to econ reports that don't typically merit much of a reaction today.  We saw similar behavior early in January and it made good sense in a time where markets are extra hungry for every tidbit of economic guidance.  After all, everyone is waiting to see if inflation is really defeated and how soft the landing might be from the Fed's inflation fighting efforts.  Buyers were ultimately ready to buy as soon as data-driven selling pushed yields back to yesterday's highs.  A strong 2yr Treasury auction added emphasis to the move, but despite the apparent intraday volatility, yields remain well within the prevailing range.