The old market adage that markets will "move to the level of most confusion" could apply to a WEAK CPI report tomorrow. The probability of a Fed hike ended at 73% today. The meeting is next Wednesday. A weak CPI report tomorrow could throw this assumption into chaos, leaving everyone confused and unsure what is next. As I often say: "Bond Traders will stop panicking when the Fed starts panicking." If the market thinks the Fed STILL hasn't found a reason to hike, slicing through 5% on 10-year yields might only be the beginning.(Jim Bianco)