It’s a light one on the economic calendar today. The lone data highlight is the initial jobless claims report at the bottom of the hour. The consensus is a bump to 203K to 193K. I think the Fed would like to see that number up to 230-250K, where it was before the pandemic.

The Fed calendar includes:

• 950 am ET Mester
• 1150 am ET BOC’s Macklem
• 1 pm ET Fed’s Cook (her first speech)
• 5 pm ET Fed’s Waller

The countdown is on to non-farm payrolls and — aside from weakness in GBP — it looks like some consolidation is on the menu.