After rallying steadily for more than a month and after seeing that rally accelerate quickly into Monday afternoon, Treasuries and MBS underwent 2.5 days of correction, bringing them back in line with the previous trend, or possibly worse.  If they can manage to hold steady-to-stronger day-over-day levels, it will end up looking like the rally trend remains intact and was just quickly stretched to its positive and negative limits.

Today's key data release is hit and miss in terms of moving markets recently.  Personal Consumption is expected to rise 0.4 from 0.2 previously and Income is expected to hold steady at +0.4.  This is one of the metrics that speaks to the popular topic of "wage growth."  Apart from that, we'll have a potential overload of anecdotes from Fed speakers as the Jackson Hole symposium continues today.