ECONOMIC WEEK AHEAD: August 10-14

Last week, July payrolls fell 23,000, missing the 85,000 consensus, even as the unemployment rate edged down to 4.1%. The 2-year Treasury yield fell 7 bps on the release before recovering to close little changed near 4.21%. This week, attention turns to inflation. July CPI (Wed) and PPI (Thu) will be the first hard inflation data since the Fed's meeting two weeks ago. Retail sales close out the week on Friday.

“FedSpeak” resumes Thursday with Cleveland Fed President Beth Hammack (a dissenter at the July FOMC meeting) and Richmond Fed President Tom Barkin speaking. The Q2 earnings season still has two weeks to go, with lots of reports from retailers ahead.