There were 3 distinct parts to this week. The first part consisted of the entirety of the first 3 days.  Rates didn't move much as the market continued to digest the big spike seen at the end of last week. In part 2, things got crazy relatively.  The week's biggest economic data the Consumer Price Index (CPI) was released, and chaos ensued.  CPI is one of the two most important broad inflation metrics, and inflation is one of the most important considerations for financial markets right now due to its implications for the rapidly evolving Fed policy outlook.   The median forecast among economists called for a fairly big increase to CPI with the more important "core" component (which excludes food and energy) rising from 5.5% to 5.9% in January.  Traders felt this number was a bit too high, and were hoping to see something under 5.9