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

7/8/2019Consumer Credit$17.000b$17.086b$17.497b$17.457b
7/9/2019NFIB Small Business Optimism103.1103.3105
7/9/2019JOLTS Job Openings7470732374497372
7/10/2019MBA Mortgage Applications-2.40%-0.10%
7/10/2019Wholesale Inventories MoM0.40%0.40%
7/10/2019Wholesale Trade Sales MoM0.30%-0.40%
7/10/2019FOMC Meeting Minutes
7/11/2019CPI MoM0.00%0.10%
7/11/2019CPI Ex Food and Energy MoM0.20%0.10%
7/11/2019CPI YoY1.60%1.80%
7/11/2019CPI Ex Food and Energy YoY2.00%2.00%
7/11/2019CPI Core Index SA262.564262.032
7/11/2019Initial Jobless Claims221k221k
7/11/2019CPI Index NSA256.093256.092
7/11/2019Continuing Claims1683k1686k
7/11/2019Real Avg Hourly Earning YoY1.30%
7/11/2019Real Avg Weekly Earnings YoY1.00%
7/11/2019Bloomberg Consumer Comfort62.6
7/11/2019Monthly Budget Statement-$7.9b-$207.8b
7/12/2019PPI Final Demand MoM0.00%0.10%
7/12/2019PPI Ex Food and Energy MoM0.20%0.20%
7/12/2019PPI Ex Food, Energy, Trade MoM0.20%0.40%
7/12/2019PPI Final Demand YoY1.60%1.80%
7/12/2019PPI Ex Food and Energy YoY2.10%2.30%
7/12/2019PPI Ex Food, Energy, Trade YoY2.30%
7/12/2019Bloomberg July United States Economic Survey














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