If you're as determined as we are to avoid reading any more than you need to about the debt ceiling, then the Fed is pretty much the only game in town for rate watchers this week.  S&P PMI on Tuesday and PCE prices on Friday are the week's only two potential market movers on the scheduled data front. 

Other than that, we're at the mercy of Fed speakers and perhaps to Wednesday's Fed minutes to help the market refine its understanding of how firmly the Fed is prepared to stick to notion of remaining at a terminal rate through 2023 and well into 2024 (or possibly even hiking again in June).

There's still quite a ways to go before getting back to Fed Funds Rate expectations seen just before the Silicon Valley Bank failure.  The follow chart shows the implied yield for the December Fed meeting, per Fed Funds Futures.

The week begins on a data-free note today, but we already have several Fed speakers out with hawkish comments, keeping the upward pressure on rates across the board.