CPI, Fedspeak and a 10-year Treasury auction highlight the US economic calendar

What's coming up today

The July consumer price index report tops the US economic calendar today. The numbers are due out at the bottom of the hour and forecast to show a 0.3% m/m rise along with a 0.7% y/y climb. Yesterday's PPI data was on the high side but either way, I don't see this as a market mover.

Fed talk will be interesting because it could include fresh commentary on high-frequency economic data and the impacts of cutting off emergency pandemic unemployment payments. On the slate we get Rosengren (1400 GMT), Kaplan (1500 GMT), Daly (1900 GMT) and Kaplan again (2200 GMT).

In the energy market, weekly US oil inventories are due. Yesterday's API numbers showed a larger than expected oil draw.

The show-stealer may end up being a US 10-year note auction at 1700 GMT. Rates have been rising this week and that has continued today with on-the-run 10s up 3.1 bps to 0.673%.