A picture is worth a couple hundred words maybe:

See?!  Boring and Bullish.  Bear in mind that spreads have not improved.  MBS market is still queasy.  If stocks rebound nd bonds suffer, all things remaining equal things look like they'd be worse for MBS than treasuries.  The lack of volatility today is reassuring, but also indicates the market may be placing a lot of importance on the remaining data of the week.

As always, we urge you to research the historical expectations versus actual readings on the relevant economic data.  

 This is always a good place to do that.

Both Imports/Exports and CPI speak to inflation.  Better than expected inflation=generally good for rates and vice versa.  a .2% increase in CPI is "middle of the road."  If you think it might be lower or higher, plan accordingly.  But those conclusions can rarely be drawn with certainty.