Quiet Calendar Ahead of Thursday's CPI

Wednesday is largely a placeholder as 2025's relevant trading days evaporate. Apart from the year-end influences on the 29th-31st, Thursday's CPI arguably represents the last opportunity to trade big ticket econ data until the early January jobs report. CPI has stepped in to fill the shoes that yesterday's jobs report was apparently unable to fill. Specifically, it will round out the first half of the Fed's next round of rate cut deliberations in late January. As a placeholder, today's trading is meaningless if yields remain under 4.20 and above 4.10.  With a modest morning recovery bringing yields to 4.10.