The Producer Price Index (PPI) was this morning's only big ticket econ data and calling it "big ticket" is a bit of a stretch. PPI often passes without a trace, but can occasionally get an obvious response even if it's not a huge response. Today's installment is bigger than normal. If there's a reason, it would be that the PPI components that flow through to PCE (a more important inflation metric) are all elevated (sometimes they run counter to the PPI headline). If there's another reason, it's because bonds aren't just reacting to PPI but also doing the same oil "follow oil prices" routine. The Fed announcement and dot plot hits at 2pm.