Bonds Crushed by Data, But Technically Still in The Range

At many points in the past week, we've lamented the narrow, boring nature of the prevailing trading range.  The thesis has been constant: it will take data to prompt a more meaningful move as the market trades on technicals in the meantime.  Today's data did it's best to prompt a meaningful move with GDP revised up 0.6% and Jobless Claims falling most of the way back down to earth.  Bonds reacted with their largest sell-off in several weeks.  Ironically, because the starting point was the bottom of the range, the sell-off was only able to get yields up to the ceiling of the range.