What to Watch: Fed Chairman Powell Testimony 2.0

Markets a little more subdued overnight, relief after whipsaw action Mon-Wed with 30YY back near late Friday levels before Mon-Tue massive risk-off consolidation saw 30YY fall to 2.066% low Tuesday -- to 2.2666% +.1620 late Wed -- currently 2.2299%.

• Flurry of Economic data coming up at 0830ET:
  • Initial Jobless Claims (232k, 225k); Continuing Claims (1.476M, 1.420M)
  • Unit Labor Costs (0.3%, 0.3%); Nonfarm Productivity (6.6%, 6.7%)
  • At 0945ET: Markit US Services PMI (56.7, 56.7); Composite (56.0, 56.0)
• At 1000ET: Fed Chair Powell reprises his semi-annual mon-pol testimony this time to the Senate: link: Senate Panel
  
• More data at 1000ET:
  • Durable Goods Orders (1.6%, 1.6%); ex-trans (0.7%, 0.7%)
  • Factory Orders (-0.4%, 0.7%); ex-trans (0.1%, --)
  • Cap Goods Orders Nondef Ex Air (0.9%, --); Ship Nondef Ex Air (1.9%, --)
  • NY Fed buy-op: Tsy 7Y-10Y, appr $1.625B at 1120ET followed by US Tsy $45B 4W, $35B 8W bill auctions at 1130ET
• Fed Speak rounds up with
• Richmond Fed Barkin on economy, CFA Society Baltimore at noon; NY Fed Pres Williams on economy, no text, moderated Q&A this evening at 1800ET. Fed blackout begins midnight Friday through March 17 -- day after FOMC.