All Eyes On Bonds

The data docket is mercifully sparse across the world's largest economy this week. That's a welcome reprieve. Last week's calendar was oppressively crowded. Treasurys will retain the spotlight. Two Mondays ago, 10-year US yields breached 5% for the first time since Lehman was a going concern. They're below 4.60% now. The head-spinning turnabout was mostly attributable to a series of bond-bullish events that began with the November refunding announcement and crescendoed with a softer-than-expe