Crude oil market volatility and a 183 billion auction on watch.

Crude prices and the situation in the Strait of Hormuz remain the focal point for markets as the trading week of March 23 begins. With a potential U.S.-led coalition forming to secure the waterway, energy volatility is spilling over into the fixed income space. 10-Year T-Note yields recently jumped 23 bps, marking the most significant two-week move in nearly a year. Traders are now eyeing a massive 183 billion in T-Note auctions to gauge market demand amidst shifting inflation expectations and revised labor cost data. The upcoming Michigan Consumer Sentiment report and Unit Labor Costs will provide further clarity on the Fed's potential path for interest rates.