The expectations are low for much of a pickup in inflation, but if it does rise more than expected, Briggs said there would be a move in shorter duration yields on expectations the Fed could move sooner to raise the Fed funds rate.
Retail sales will also be important, after retailers reported moderately higher sales this week, helped by warmer temperatures and a late Easter holiday.
Developments in Ukraine will also be watched including the weekend's referendum put forth by pro-Russia rebels in east Ukraine to follow Crimea in breaking off from Kiev.
Traders will also be focused on Chinese retail sales and industrial production data, expected Tuesday.
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What to Watch
Earnings: Gogo, Babcock and Wilcox, MIBA, McKesson, Rackspace, Renren
12:00 p.m.: Philadelphia Fed President Charles Plosser
2:00 p.m.: Federal budget
Earnings: Surgical Care Affiliates, Abercrombie and Fitch, Take Two Interactive, EnCana, Fossil, URS
7:30 a.m.: NFIB survey
8:30 a.m.: Retail sales
8:30 a.m.: Import prices
10:00 a.m.: Business inventories
10:30 a.m.: Richmond Fed President Jeffrey Lacker
Earnings: Macy's, Sony, Sodastream, Cisco Systems, Agilent, Vimpelcom, Deere, Jack in the Box, SeaWorld, Eagle Materials, NQ Mobile
8:30 a.m.: PPI
Earnings: Wal-Mart, Nordstrom, JC Penney, Kohl's, Vivendi, CA, Applied Materials, Flowers Foods, Advance Auto Parts
8:30 a.m.: Weekly jobless claims
8:30 a.m.: CPI
8:30 a.m.: Empire State survey
9:00 a.m.: TIC data
9:14 a.m.: Industrial production
10:00 a.m.: Philadelphia Fed survey
10:00 a.m.: NAHB survey
6:10 p.m.: Fed Chair Janet Yellen at US Chamber of Commerce on small business
8:30 a.m.: Housing starts
9:55 a.m.: Consumer sentiment
11:50 a.m.: St. Louis Fed President James Bullard
—By CNBC's Patti Domm