The trade deficit widened to a record in September, as expected. But it wasn't the oil story we were all looking for. Instead, it boils down to Boeing and Airbus, with the European firm holding the cards this time around,

The trade deficit widened to a record in September, as expected. But it wasn't the oil story we were all looking for. Instead, it boils down to Boeing and Airbus, with the European firm holding the cards this time around.

Retail sales are expected to be down, but worry about Producer Price Index and Consumer Price Index releases Thursday and Friday could keep any bond market rally in check.

oil had a measurable impact on prices paid before the storm (Hurricane Katrina). Given the fact that we are now seeing energy supply interruptions the prices paid index will almost certainly be back above 70 next month, and it's very likely the headline index will fall further on weakness in both production and orders.

Oil continues to dominate trade, with crude at or near the highs. Worries remain about how high prices over the long term will impact consumer spending, the economy and interest rates.

These are abysmal numbers, suggesting a deeply pessimistic consumer in the first half of September.