Macro news gets under way with China CPI and PPI reports, which are not expected to show much change in pricing conditions from a month ago despite the government's ongoing efforts to reflate the economy.

In Europe, German industrial production, German merchandise trade, Eurozone retail sales, and ECB policy meeting minutes are due.

In North America, the federal government and US stock market are shut for the funeral of former President Jimmy Carter, which means no official US economic indicators, apart from the private US Challenger monthly layoffs report. Bonds are trading until an early close at 2 PM ET.

The US event focus will be on a batch of appearances by Federal Reserve officials, including Patrick Harker, Susan Collins, Tom Barkin, Jeffrey Schmid and Michelle Bowman. US Treasury 4-week and 8-week bills are still on at 11:30 am ET, along with regular Treasury coupon buybacks.

Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.

Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.