The market is currently pricing in a 75% chance of a 50 basis point Fed hike on May 4 and parsing that, along with the terminal rate will be today's order of business. Right now, the bond market is relatively calm with 2-year yields up 5 bps and 30s flat.
The yield curve is not looking healthy with a mild inversion in the belly.
The action on the economic calendar begins at 10 am ET (1400 GMT) with US pending home sales. At the same time, the Fed's Williams is set to participate in a virtual panel. An hour later, the Fed's Daly is set to speak but we've already heard from here this week. At 11:30 am, it's onto Richmond Fed President Barkin and then at noon ET, we hear from Fed Governor Waller again.
Finally, the focus will shift to Canada at 1245 pm ET with a speech from the BOC's Kozicki.