Expectations are for 900k payrolls in Friday's jobs report, which would suggest a disconnect between expectations and reality. Today's economic calendar is already underway with a couple labor market indicators ahead of tomorrow's jobs report. Job cuts from Challenger (only about 19,000, a 21-year low!), initial jobless claims for the week ending July 31 (385k, as expected), and continued claims for the week ending July 24 (2.93 million). We've also received the June trade deficit ($75.7 billion, a record quarterly gap). Later this morning brings Freddie Mac's Primary Mortgage Market Survey after last week's 30-year mortgage rate rose 2 bps to 2.80 percent. Finally, today's lone scheduled Fed speaker is Governor Waller speaking on digital currency. The Desk will purchase up to $4.6 billion of conventionals across two operations.