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Author Jason Haley

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Treasury yields are little changed to start the week following a 3-day rally last week that sent the 5-year note yield 20 basis points lower. 

Half of that downward move came on Friday after the June jobs report came in a bit softer than expected. Fed funds futures are now firmly priced for 2 rate cuts later this year (November and December) and greater than a 50% probability of a September cut. The two main events for this week’s economic calendar are the June CPI report (Thursday) and Fed Chair Powell’s semiannual testimony before Congress (tomorrow and Wednesday). There will also be fresh supply of 3-year,10-year and 30-year Treasuries, beginning with a $58 billion 3-year note auction tomorrow.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
7/8/2024NY Fed 1-Yr Inflation Expectations3.01%—3.17%—
7/8/2024Consumer Credit$8.850b—$6.403b—
7/9/2024NFIB Small Business Optimism90.2—90.5—
7/10/2024MBA Mortgage Applications——-2.60%—
7/10/2024Wholesale Trade Sales MoM0.20%—0.10%—
7/10/2024Wholesale Inventories MoM0.60%—0.60%—
7/11/2024Real Avg Hourly Earning YoY——0.80%0.70%
7/11/2024CPI MoM0.10%—0.00%—
7/11/2024CPI Ex Food and Energy MoM0.20%—0.20%—
7/11/2024CPI YoY3.10%—3.30%—
7/11/2024CPI Ex Food and Energy YoY3.40%—3.40%—
7/11/2024CPI Index NSA314.581—314.069—
7/11/2024CPI Core Index SA318.879—318.14—
7/11/2024Real Avg Weekly Earnings YoY——0.50%—
7/11/2024Initial Jobless Claims236k—238k—
7/11/2024Continuing Claims1862k—1858k—
7/11/2024Monthly Budget Statement-$77.1b—-$347.1b—
7/12/2024PPI Final Demand MoM0.10%—-0.20%—
7/12/2024PPI Ex Food and Energy MoM0.20%—0.00%—
7/12/2024PPI Ex Food, Energy, Trade MoM0.20%—0.00%—
7/12/2024PPI Final Demand YoY2.30%—2.20%—
7/12/2024PPI Ex Food and Energy YoY2.50%—2.30%—
7/12/2024PPI Ex Food, Energy, Trade YoY——3.20%—
7/12/2024U. of Mich. Sentiment68.5—68.2—
7/12/2024U. of Mich. Current Conditions——65.9—
7/12/2024U. of Mich. Expectations——69.6—
7/12/2024U. of Mich. 1 Yr Inflation2.90%—3.00%—
7/12/2024U. of Mich. 5-10 Yr Inflation3.00%—3.00%—
7/15/2024Empire Manufacturing——-6—

Jason Haley

Chief Investment Officer

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