A sigh of relief in markets ahead of durable goods and consumer confidence

Durable goods orders kick off the US economic calendar at the bottom of the hour. Watch for the line on non-defense capital goods orders ex air. The consensus is +0.2% and it's an important input into GDP with the Atlanta Fed tracker holding just above zero.

At 9 am ET, the focus shifts to housing with US home price reports from Cash-Shiller and from the FHFA.

I'll be closely watching comments from Bullard at 9:55 am ET as he speaks on the economic outlook. No doubt he takes pride in being one of the first FOMC members to warn about inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term. Will he be the first to pivot the other way as well?

At 10 am ET, the economic calendar picks up again with US consumer confidence, new home sales and the Richmond Fed. All are important indicators but consumer confidence will take the spot light and is expected at 104.5 from 103.2.

Finally, there's a 5-year note auction at 1 pm ET. Yesterday's 2s sale had the largest tail since Feb 2020 and the bond market has been blowing up. There's some calm today but 3 of the past 4 sales of 5s have tailed.