The uncommon combination of events and the market movement potential of this week is hard to overstate. Each layer is important in and of itself, but they combine to form something unique. Layers include the typically important slate of early-month economic data (ISM, JOLTS, ADP, NFP), a Fed announcement that may all but confirm the ceiling is in, the quarterly announcement of Treasury auction sizes, and a Bank of Japan announcement that may well produce another policy change that impacts US rates, all against the backdrop of an ongoing technical test of the 5% ceiling in 10yr yields. The data, specifically, provides an opportunity to reconcile reality with recent Fed comments regarding anecdotal economic softening. Monday starts slow in that regard (i.e. no data) and with trading levels almost perfectly centered on last week's range.