Fed's Barkin set to speak but it's mostly wait-and-see until tomorrow's CPI report

The US economic calendar is essentially bare today. At the bottom of the hour we will hear from Richmond Fed President Thomas Barkin at a Rotary function. At 9 am ET (2 pm in London), Bank of England Bank of England The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe. As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government. Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment sy The Bank of England (BoE) functions as the United Kingdom’s central bank and is one of the key drivers of monetary policy in Europe. As one of the world’s oldest central banks and established in 1694, the BoE is owned by the British government. Its central mandate involves maintaining and targeting interest rates while using other tools to help either stimulate or contract the economy. Moreover, the BoE is responsible for producing the UK’s bank notes as well as supervising key bank payment sy Read this Term governor Andrew Bailey is set to speak.

There will be eyes on bonds at 1 pm ET with the auction results of a 10-year sale. Currently, on-the-run 10s are trading down 6.9 bps to 2.920%.

The main event this week is tomorrow's US CPI report, in which core is forecast at 5.7% from 6.0% y/y in May. The m/m core reading is seen at 0.6% but the July number is increasingly likely to be negative as gasoline prices fall. Crude is down a further $4.66 today.