BREAKING:
Big week ahead for the US. Lighter on data, heavier on risk events.
Monday: ISM Services PMI at 10 AM ET. Forecast near 55.
Last week's composite PMI hit 58.4. Hot services data pushes yields higher.
Wednesday: September FOMC minutes at 2 PM ET.
They won't include Friday's weak jobs data. The minutes cover the meeting where the Fed hiked unanimously.
The Fed's own projections showed a "strong consensus" for just one more hike in 2026.
Wednesday and Thursday: 10-year and 30-year Treasury auctions.
Both now sit under the expanded buyback program.
Last month's buyers' strike made these the real test. Weak demand sends yields higher.
Thursday: jobless claims. Forecast near 200,000.
Friday: University of Michigan consumer sentiment. Last reading hit 48.1.
Conference Board confidence already hit its lowest since 2014.
Fed speakers all week.
Williams, Bowman, Logan, Musalem, Collins.
Next week: CPI on October 14. First big inflation read before the October 27-28 FOMC.
The setup going in:
Goldman expects one more hike in December, maybe none.
The 10-year sits near 5.24%. The 30-year hit 5.50% last week.
Nasdaq futures positioning hit its most bullish level since 2017.
Bitcoin trades above $85,000.
Iran headlines can break any of this.
Trump said Thursday Iran will "sign a deal or not exist."
Four events decide the week: the minutes, two auctions, and the oil price.