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[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  A huge week for the bond market, everyone's long oil, and Theresa May is under pressure again. Bonds week The 10-year Treasury traded with the highest yields since April 2014 this morning, while the yield on the German five-year bond [moved above zero]( for the first time since December 2015. The selloff comes as the dollar halts its recent slide [ahead of a busy week]( for fixed-income investors. On Wednesday, the Federal Reserve may shift its language to a [more hawkish tone]( in Janet Yellen’s last meeting as chair, according to Goldman Sachs Group Inc. Friday brings payrolls data for January, which should give the first clear view of the U.S. economy after a [disappointing end]( to 2017. Long oil Hedge funds reported record wagers on continued price increases for both U.S. and global benchmark crude prices as the oil market remains a [one-way bet]( for investors. Last week, drillers in the U.S. added the [most rigs since March 2017]( as oil remained close to the highest level in three years. A barrel of West Texas Intermediate for March delivery was [trading at $66.10]( by 5:40 a.m Eastern Time. May day British Prime Minister Theresa May is again under pressure from rebel members of her own party as the U.K. government seeks to find common ground on a [Brexit position]( ahead of the start of talks on the ‘transition phase’ of the country’s exit from the European Union. She already faces calls to [sack Chancellor of the Exchequer Philip Hammond]( after he suggested a softening of the terms of the divorce after her approach came under [criticism.]( Analysts suggest that politics may start moving the pound lower this week following a gain of [more than 4 percent]( this month. Markets slip Overnight, the MSCI Asia Pacific Index slipped 0.1 percent, while Japan’s Topix index closed 0.1 percent higher as investors waited for data this week. In Europe, the Stoxx 600 Index was 0.2 percent lower at 5:40, with consumer staples the worst-performing sector. S&P 500 futures [slipped 0.3 percent](, the 10-year Treasury note yielded 2.71 percent and gold was down. Data due While the big economic number this week is the January payrolls data on Friday, there are some important releases today. At 8:30 a.m., the core PCE deflator, Federal Reserve’s preferred inflation gauge, is published: expectations are for it to remain unchanged at 1.5 percent. Personal spending is projected to slow to 0.4 percent, with incomes rising 0.4 percent. The U.S. is expected to publish a list of [Russian oligarchs]( with connections to Vladimir Putin later today, with the risk of increased sanctions [putting pressure]( on that country’s bonds. Here's what you should read today - How the opioid crisis and the Trump administration are changing [Middle America's economy](. - London bankers haven’t been [this gloomy]( since 2008. - How to launder [$500 million]( in digital currency. - Crypto investors risk ‘[total loss](,’ Deutsche warns. - ECB’s Knot: [QE must end]( "as soon as possible.” - What’s next for [Saudi’s elite]( after leaving the Ritz? - 3.5 billion-year-old fossils challenge ideas about [Earth’s start](.  And finally, here’s what Joe’s interested in this morning The sixth round of Nafta negotiations end today, and [we may soon get a sense]( of whether there's been further progress towards keeping the free trade deal in place. In his latest "U.S. Weekly Kickstart" note, Goldman Sachs strategist David J. Kostin says the talks have served as a reminder to investors about the latent risk of a trade conflict. Obviously it's not a deep-seated concern for most investors, as evidenced by the soaring market. For years, people talked about a "Fed put" holding the market up. The idea being that if there were ever turbulence, the Fed would be there to keep asset prices high. You don't hear much about that anymore, but it's reasonable to wonder whether the "Trump put" will become a meme. The president views the stock market as one of the major measures of his success. It's a big deal to him that it keeps going up. Will Trump really do anything that would trip up the rally? And if it did stumble, how soon would the president take action to try to revive it?   Before it's here, it's on the Bloomberg Terminal Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.](   You received this message because you are subscribed to the Bloomberg Markets newsletter.   [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022