Powell reading

Happy Monday.

The Fed blackout went into effect on Saturday but we did hear from Nick Timiraos, who wrote what everyone already knows: That a pause is coming in Sept and that some officials see risks as balanced while others are still hawkish.

I wouldn't expect any of those opinions to shift today with a near-bare economic calendar. One item of note is a $44-billion, three-year note auction at 1 pm ET. That's ahead of a busy week of US supply, including some corporate deals that could crowd the space.

Another tidbit to watch will be the NY Fed's 1-year inflation expectations survey. The most-recent number was 3.5%.