This morning's PPI did its best impression of yesterday's CPI with the core monthly number coming in at 0.1 vs 0.3 forecast. In yesterday's case, this was good enough for a reasonably big rally.  Today, not so much.  While bonds did manage to add to overnight gains in the immediate wake of the data, they're pushing back above pre-data yields now.  The key difference between today and yesterday--and possibly the simplest explanation for the different outcome--is that today began with  fairly big overnight rally whereas yesterday began with an overnight sell-off.  In other words, this result may have been priced-in to some extent.  The other consideration is the yield curve.  Fed Funds Rate expectations have helped the shortest maturities maintain some gains vs pre-data levels.