|09:45||Markit mfg PMI (flash)||Steady in the low 50s|
|09:45||Markit services PMI (flash)||Steady in the mid 50s|
|10:00||Existing home sales||Pending sales index points to decline in existing home sales in June|
|11:00||4-week bill announcement||Another $45 billion offering likely|
|11:30||3- and 6-month bill auction||Steady at current levels|
|15:00||Treasury investor class auction data||Mid-July data|
The continued softness in consumer prices will probably keep the Fed from raising rates again until 2018, but should not stand in the way of launching the balance sheet unwind in the months ahead.