This was supposed to be a big day for the bond market. It's turned into something of a nothingburger.

Treasury yields, which fall when bond prices rise, remain slightly lower on the day. But pretty much all of that decline occurred in the overnight session, before the release of hotly anticipated inflation data.

That data, though, offered few surprises-being neither firm enough to make a September interest-rate hike more likely, nor cool enough to seriously quiet debate about a rate increase in the coming months.

A $42 billion Treasury auction of 10-year notes also had little impact on the market, meeting solid, but not spectacular, demand from investors.