What to Watch: Flurry of Data, Claims, PCE, MNI PMI

Tsys trading firmer, near recent highs as they loosely track higher EGBs. Decent volumes (TYU2>400k), yield curves steeper but off highs (2s10s +.843 at 5.496 vs. 7.187 high).

• Stocks weaker/near recent lows: ESU2 -59.0 at 3762.25; Crude softer, WTI -0.53 at 109.25; Gold weaker, selling off last few minutes to lowest levels since mid-May at 1803.28 -14.25.
• No Fed speak but Economic data kicks off at 0830ET:
  • Initial Jobless Claims (229k, 229k)
  • Continuing Claims (1.315M, 1.318M)
  • Personal Income (0.4%, 0.5%); Personal Spending (0.9%, 0.4%)
  • Real Personal Spending (0.7%, -0.3%)
  • PCE Deflator MoM (0.2%, 0.7%); YoY (6.3%, 6.4%)
  • PCE Core Deflator MoM (0.3%, 0.4%); YoY (4.9%, 4.8%)
  • Followed by MNI Chicago PMI (60.3, 58.0) at 0945ET
  • Note on next week's ADP private employ data: postponing releases until Aug 31 as strive to implement new methodology, improve indicator.
• Tsy Auctions: US Tsy $35B 4W and $30B 8W bill auctions at 1130ET
• Geopol: NATO Sec Gen when asked about Russian threats towards Sweden and Finland: "We are prepared for any eventuality...what we have seen in Ukraine shows Russia is fully focused on that war."