It's been a relative quiet session where the ten-year bond yield has become the story, even with so many intrigued over who the next Fed chairman will be. It looks like the bond market is exerting more control over rates. The trading range is still very narrow, and the grand scheme of this is remarkable considering how yields continue their three-decade trek lower. This is only so much further nominal yields can go, but real yields can get much more negative. 

The market is in defensive mode led by utilities while selling on the news seems to be the order of the day in materials just a couple hours before President Biden signs the infrastructure bill. 

It's one of those days - quiet and subdued.