The Fed decision on Wednesday will dominate the discussion.
We're in the blackout period but still waiting on the WSJ preview of the decision, which is going to be seen as a leak whether it is one or not.The latest from Timaraos was July 17 when he wrote the Fed is comfortable with 75 bps, so that may have to do. Markets are comfortable with the idea of 75 bps with 100 bps at just 10.6% at the moment.
The GDP report on Thursday will also get plenty of attention but today's economic calendar is nearly bare.
At the bottom of the hour we get the National Activity Index from the Chicago Fed. That's a composite index so it really tells us nothing new. The Dallas Fed is at 10:30 am ET at that's always good for the political rants in the comments but that's about it.
The most-impactful scheduled news might be the 2-year Treasury sale at 1 pm ET. US 2-year yields are up 2.3 bps to 3.0139% today and the big figure will serve as the anchor for expectations.
