Treasury prices continued their march higher as yesterday’s risk-off sentiment spilled over to today. Global equity markets sold off after news that President Trump was going to double the level of tariffs placed on Turkish steel and aluminum. July’s CPI number came in as expected at 0.2% month over month, or 2.9% year over year. Core CPI which exclude food and energy, due to their more volatile nature, came in slightly higher than expected at 2.4% year over year vs 2.3%. These readings should strengthen the case that the Fed can maintain its gradual rate hikes.

Hafizan Hamzah
Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
08/07/2018JOLTS Job Openings6625666266386659
08/07/2018Consumer Credit$15.000b$10.211b$24.559b$24.259b
08/08/2018MBA Mortgage Applications-3.00%-2.60%
08/09/2018Initial Jobless Claims220k213k218k219k
08/09/2018Continuing Claims1730k1755k1724k1726k
08/09/2018PPI Final Demand MoM0.20%0.00%0.30%
08/09/2018PPI Ex Food and Energy MoM0.20%0.10%0.30%
08/09/2018PPI Ex Food, Energy, Trade MoM0.20%0.30%0.30%
08/09/2018PPI Final Demand YoY3.40%3.30%3.40%
08/09/2018PPI Ex Food and Energy YoY2.80%2.70%2.80%
08/09/2018PPI Ex Food, Energy, Trade YoY2.80%2.70%
08/09/2018Bloomberg Aug. United States Economic Survey (Table)
08/09/2018Bloomberg Consumer Comfort59.358.6
08/09/2018Wholesale Inventories MoM0.00%0.10%0.00%
08/09/2018Wholesale Trade Sales MoM0.20%-0.10%2.50%2.10%
08/10/2018CPI MoM0.20%0.20%0.10%
08/10/2018CPI Ex Food and Energy MoM0.20%0.20%0.20%
08/10/2018CPI YoY2.90%2.90%2.90%
08/10/2018CPI Ex Food and Energy YoY2.30%2.40%2.30%
08/10/2018CPI Index NSA251.968252.006251.989
08/10/2018CPI Core Index SA257.815257.93257.305
08/10/2018Real Avg Weekly Earnings YoY0.10%0.20%0.50%
08/10/2018Real Avg Hourly Earning YoY-0.20%0.00%
08/10/2018Monthly Budget Statement-$76.0b-$42.9b