Treasury yields made a decisive move lower yesterday in a sign that the market is seeing a break lower in inflation, and perhaps growth. However that came with a flurry of moves into month-end along with the turmoil in the Middle East that could be sending a false signal.
Today we put the focus back on the data with initial jobless claims and unit labor costs at the bottom of the hour. Look for a drop in claims as last week's hurricane-influenced number reverses.
Then at 10 am ET, we get June construction spending and the July ISM manufacturing index. For more, see the economic calendar.
