What to Watch: July FOMC Minutes, Retail Sales, 20Y Bond Sale

Tsys futures under pressure, extending overnight lows last few minutes after initial selloff on jump in UK CPI (+0.6% MoM; +10.1 YoY) renews rate hike expectations. Yield curves steepening (2s10s +1.004 at -45.157, but off -42.169 high) as expectations for additional hikes climb (rate cut hopes for late 2023 evaporating).

• Markets looking toward this afternoon's July FOMC minutes release at 1400ET for voting member guidance mindset.
• Upcoming data at 0830ET:
  • Retail Sales Advance MoM (1.0%, 0.1%); Ex Auto MoM (1.0, -0.1%)
  • Ex Auto and Gas (0.7%, 0.4%); Control Group (0.8%, 0.6%) followed by:
  • Business Inventories (1.4%, 1.4%) at 1000ET
• Fed speakers: Double billing from Fed Gov Bowman today:
  • On tech/innovation financial services, text, Q&A, livestreamed at 0930ET; and again at 1420ET at Arkansas Women's Comm meeting, also livestreamed.
• Treasury auctions:
  
  • $30B 119D bill CMB auction at 1130ET
  • $15B 20Y Bond (912810TK4) at 1300ET.
• Equity earnings: Stocks weaker (ESU2 -36.25 at 4271.5) part on extended rate hike pricing and after Target (TGT) earnings miss (irony) -$0.39 vs. $0.725 est. Meanwhile, Lowe's Group (LOW) beat: $4.67 vs $4.611 est; Analog Devices (ADI) beat: $2.52 vs. $2.442 est.
  
  • After the close: Synopsys (SNPS) $2.038 est; Cisco (CSCO) $0.816 est; Bath and Body Works (BBBI) $0.446 est.