What to Watch: Unit Labor Costs, 3Y Note Sale, Corp Issuance

Tsys trading lower on light volumes (TYU2<230k), unwinding portion of Mon's bounce - ebb and flow as markets gear up for Wednesday's key CPI data (0.2% est, 1.3% prior); YoY (8.7% est, 9.1% prior). In the meantime -

• Economic data up at 0830ET (prior, est):
  • Nonfarm Productivity (-7.3%, -4.6%)
  • Unit Labor Costs (12.6%, 9.5%)
• No scheduled Fed speakers again today, resume Wednesday:
  • Aug-10 Chicago Fed Evans, mon-poli/eco-outlook, Drake Univ, 1100ET
  • Aug-10 MN Fed Kashkari on inflation, Aspen Eco Strategy Grp, 1400ET
• Treasury auctions:
  • US Tsy $34B 52W bill auction at 1130ET
  • US Tsy $42B 3Y note auction (91282CFE6) at 1300ET
• Corporate Issuance expected to remain robust after $6.25B Credit Suisse 3Pt issuance helped push Mon's swappable issuance just over $24B. Opinion goes issuers securing funding before rate hikes to buy back outstanding shares.
• Cross asset: Stocks mildly weaker (SPX eminis -15.75 at 4126.00) as earnings cycle resumes; Spot Gold firmer at 1791.14 +2.45; Crude firmer (WTI +1.12 at 91.88).