Today the calendar is empty on the data front and the only highlight will be Fed's Waller speech at 13:15 GMT/09:15 ET. Christopher Waller is a key Fed governor because he’s been a “leading indicator” for changes in Fed’s policy.
We already got Fed's Daly over the weekend saying that the time to consider trimming rates has come, and we will likely hear more of the same message coming from Fed speakers this week which should culminate with Fed Chair Powell pre-committing to a rate cut in September at the Jackson Hole Symposium.
The market's price action could get choppy heading into the key data on Thursday and Powell on Friday, but I would expect some positioning into a potentially dovish Powell nonetheless.
