The Treasury curve is higher and flatter this morning with the 2-year up 5 bps and the 10-year up 3 bps following a higher-than-expected CPI print out of the UK. Equities are in negative territory led by a pullback in tech stocks. Concerns over more stringent trade restrictions being placed on China and Taiwan.
On the data front, the MBA mortgage applications index rose by 3.9% last week after falling 0.2% the week prior. Refinancing activity led the way, with applications up 15.2%. The average 30-year rate fell to 6.87%, its lowest level since early March.
Hafizan Hamzah Senior Director, Investment Management Group
Date Event Surv(M) Actual Prior Revised 07/17/24 MBA Mortgage Applications — 3.90% -0.20% — 07/17/24 Housing Starts 1300k 1353k 1277k 1314k 07/17/24 Housing Starts MoM 1.80% 3.00% -5.50% -4.60% 07/17/24 Building Permits 1400k 1446k 1386k 1399k 07/17/24 Building Permits MoM 0.10% 3.40% -3.80% -2.80% 07/17/24 Industrial Production MoM 0.30% — 0.90% 0.70% 07/17/24 Manufacturing (SIC) Production 0.10% — 0.90% — 07/17/24 Capacity Utilization 78.40% — 78.70% 78.20% 07/17/24 Federal Reserve Releases Beige Book 07/18/24 Initial Jobless Claims 229k — 222k — 07/18/24 Philadelphia Fed Business Outlook 2.9 — 1.3 — 07/18/24 Continuing Claims 1856k — 1852k — 07/18/24 Leading Index -0.30% — -0.50% — 07/18/24 Total Net TIC Flows — — $66.2b — 07/18/24 Net Long-term TIC Flows — — $123.1b — 07/19/24 Bloomberg July United States Economic Survey
Hafizan Hamzah Senior Director, Investment Management Group
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