Needle Threaded. Now What?

As always, big-ticket data and/or news headlines have potential energy in terms of their impact on bonds/rates.  For instance, this week's CPI could have caused a big move higher or lower. Same story with Trump/Powell headlines. Realized impacts of high-potential-energy events can vary quite a bit.  All too often, separate considerations, data line-items, or headlines and subsequent retractions act as offsetting penalties that return the bond market to the original line of scrimmage. Such was the case this week and Friday didn't do anything to change that.  In fact, it solidified the feat. From here, in terms of what's on the calendar, apart from the lame duck Fed announcement at the end of July, we're mostly waiting for the next jobs report in early August.