What's coming up on Wednesday
It's non-farm payrolls week and we hit the home stretch with Wednesday's ADP report setting the stage. That's due at 1215 GMT and the consensus is 1.0m jobs, though I would certainty argue that recent history shows it's not a good gauge of the official jobs report.
The Fedspeak calendar also continues, this time with average inflation targeting cheerleader Williams getting the stage. He's talking about COVID-19 and I'll look for some updated commentary on consumer spending. We will also hear from Mester later in the day and get the Beige Book.
In terms of other data, the July factory orders report is due and CAD traders will have to settle for the weekly EIA oil report and Q2 labor productivity.
