We have a light calendar this week with data on Wholesale Trade/Inventories, Import and Export Prices, and Producer Price Index. There is nothing to note on the calendar for today. Last week payrolls surprised the market with a higher than expected number of new jobs, and a lower than expected unemployment number. With last week's strong employment report the focus will be on Friday's PPI data to show inflation gains. Treasuries are bouncing off Friday's lows and the curve has bull flattened with 2s10s down -1.9 bps.
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