Recent data reveals a 17% probability of a rate hike in 2016. The original expectation was that we'd see four individual rate hikes throughout this year. The revised forecast would indicate that rates will remain stable, experiencing a very gradual increase throughout 2016.

Contributing to this expected stability is China's current economic issues. Chinese manufacturing ebbed in January to its lowest in more than three years, a possible sign of further weakness in the world's No. 2 economy after posting its slowest annual growth in a quarter century.

Low oil prices and volatile stock markets have also been helping. Most of the more focused economic data has been falling short of its usual potential to move markets.

Looking ahead this week, the biggest news will come with Friday's Employment Situation report, which is the most important economic report of any given month.

SOURCE: Reuters