The market is shifting towards a focus on growth and that elevates the importance of Friday's retail sales data. For today, the calendar is light. At the bottom of the hour there are two reports: Initial jobless claims and PPI. Claims are expected at 235K and note that this includes the US July 4th holiday so it could be skewed but there's no number that would prompt a re-think on the labor market.
PPI can be a market mover but it's more likely when it comes out before CPI. The consensus is 10.7% y/y.
The main event is an 11 am ET speech from the Fed's Waller in Idaho. The topic is the economic outlook so he's sure to touch on rates and he will be asked about hiking 100 bps. That's currently 71% priced into the market.
