Just noticed treasuries had a notably strong run on Tuesday after retail sales came in flat for December. The ten-year yield dropped 5.1 basis points to settle around 4.147% - lowest close in nearly a month. Bond prices were solidly in the green all day.

The move made sense once the Commerce Department data hit. Retail sales basically went nowhere in December after jumping 0.6% the month before. Economists were looking for a 0.4% increase, so this was notably weaker than expected. Even stripping out auto sales, the number was still basically flat. Seems like consumers really did pump the brakes after that strong October-November spending.

Kathy Bostjancic from Nationwide made a good point - people basically paused at the end of the holiday season. She's expecting Q1 consumer spending to pick back up though, citing higher tax refunds and that wealth effect still doing its thing.

On the other side, import prices came in as expected. What's notably important to watch now is the January jobs report coming Wednesday - that's been delayed due to the shutdown last week. The consensus seems to be around 70,000 new jobs, up from 50,000 in December. That'll probably drive a lot of the market action tomorrow.