We have a heavy data calendar this week with Case-Shiller home price index and Chicago purchasing managers tomorrow, ISM manufacturing/ADP employment preview and car sales on Wednesday, factory orders and trade balance on Thursday, and Nonfarm payrolls and ISM services on Friday. The market has high expectations for Friday’s Jobs report with consensus holding at 215K vs. 142K prior. Personal income in August increased $47.3 Billion (+0.3%), disposable personal income (DPI) increased $35.2 Billion (+0.3%), and personal consumption expenditures (PCE) increased $57.5 Billion (+0.5%). Pending Home Sales (MoM) are expected to reverse the prior month’s gain of +3.3% with a -0.5% decline. Consensus for the September Dallas Fed Manufacturing is for an advance to 10.5 vs. 7.1 prior. Treasuries are holding near session highs following today’s mostly in-line data and the curve has bull flattened with 2s10s down -3.1 bps.
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