July 10, 2019 Headlines

US Treasuries weakened initially during the overnight session on the back of strong economic data from the European Union. Both French and Italian industrial production numbers came in better than expected. However, the move began to reverse course as the EU downgraded its 2020 economic forecast which highlighted the growth of downside risks. The UST gains continued before the New York open as Federal Reserve Chairman Powell signaled an openness to cut the Federal Funds rate amid softening business investment and sluggish inflation. The remarks proceed two days of testimony to both the House of Representatives and Senate regarding economic and policy outlook. In addition, the release of the Federal Reserve minutes is expected later today.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
7/8/2019	Consumer Credit	$17.000b	$17.086b	$17.497b	$17.457b
7/9/2019	NFIB Small Business Optimism	103.1	103.3	105	—
7/9/2019	JOLTS Job Openings	7470	7323	7449	7372
7/10/2019	MBA Mortgage Applications	—	-2.40%	-0.10%	—
7/10/2019	Wholesale Inventories MoM	0.40%	—	0.40%	—
7/10/2019	Wholesale Trade Sales MoM	0.30%	—	-0.40%	—
7/10/2019	FOMC Meeting Minutes	—	—	—	—
7/11/2019	CPI MoM	0.00%	—	0.10%	—
7/11/2019	CPI Ex Food and Energy MoM	0.20%	—	0.10%	—
7/11/2019	CPI YoY	1.60%	—	1.80%	—
7/11/2019	CPI Ex Food and Energy YoY	2.00%	—	2.00%	—
7/11/2019	CPI Core Index SA	262.564	—	262.032	—
7/11/2019	Initial Jobless Claims	221k	—	221k	—
7/11/2019	CPI Index NSA	256.093	—	256.092	—
7/11/2019	Continuing Claims	1683k	—	1686k	—
7/11/2019	Real Avg Hourly Earning YoY	—	—	1.30%	—
7/11/2019	Real Avg Weekly Earnings YoY	—	—	1.00%	—
7/11/2019	Bloomberg Consumer Comfort	—	—	62.6	—
7/11/2019	Monthly Budget Statement	-$7.9b	—	-$207.8b	—
7/12/2019	PPI Final Demand MoM	0.00%	—	0.10%	—
7/12/2019	PPI Ex Food and Energy MoM	0.20%	—	0.20%	—
7/12/2019	PPI Ex Food, Energy, Trade MoM	0.20%	—	0.40%	—
7/12/2019	PPI Final Demand YoY	1.60%	—	1.80%	—
7/12/2019	PPI Ex Food and Energy YoY	2.10%	—	2.30%	—
7/12/2019	PPI Ex Food, Energy, Trade YoY	—	—	2.30%	—
7/12/2019	Bloomberg July United States Economic Survey

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