Stocks are lower to begin the shortened holiday week.

Investors will again be focused on Fed officials this week due to a light schedule for economic data. San Francisco Fed President Daly spoke today and said the rate rise campaign is “not set in stone” and remains likely that the Fed will get to around 5%. Cleveland Fed President Mester said today that “We’ve had some good news on inflation, but we need more and more consistent good news” and that “rate hikes are far from over”.

The lone data release today, the Chicago Fed National Activity Index, fell to a reading of -0.05 in October, indicating economic activity was below the historical average during the month.

Treasury yields are flatter today, with the 2-year T yield up 0.8 basis points to 4.52%, the 5-year T yield down 3.0 basis points to 3.97%, and the 10-year T yield down 4.2 basis points to 3.78%. Advance rates are flat or slightly higher throughout the curve.