The bond market possesses a merdurinous tone today as it probes toward the upper end of the trading range. The 10 year note is a tad shy of 2.75. The shape of the curve is not dramatically different than what is was when I wrote early this morning. The 5 year note has cheapened some more and is now at a cycle wide of 34.5 versus its 2 year and 10 year cousins. I think that at this level of rates and with an absolute yield near 1.75 that buyers will emerge for the issue. We may be undergoing a structural flattening of the curve but even in a bear market one can observe periodic rallies.Dealers report some fast money selling in the belly, macro accounts unwinding flatteners and some establishing tactical steepeners.