July 7, 2021 Headlines

Long-end yields are lower again this morning with the 10-year down to 1.303%, its lowest level since February 19, ahead of the Fed minutes release. Investors will be parsing the release looking for clues as to how the central bank plans to manage policy in light of inflationary pressures. The MBA mortgage applications index fell 1.8% last week with both purchases, -1.1%, and refis, -2.3%, lower. The June prepayment report will come out this evening with analysts expecting an a 5% to 10% increase on the back of two more collection days and seasonal factors.

Hafizan Hamzah
Director, Investment Management Group

DateEventSurv(M)ActualPriorRevised
07/06/21Markit US Services PMI64.864.664.8
07/06/21Markit US Composite PMI63.763.9
07/06/21ISM Services Index63.560.164
07/07/21MBA Mortgage Applications-1.80%-6.90%
07/07/21JOLTS Job Openings9325k9286k
07/07/21FOMC Meeting Minutes
07/08/21Initial Jobless Claims350k364k
07/08/21Continuing Claims3350k3469k
07/08/21Langer Consumer Comfort55.1
07/08/21Consumer Credit$18.000b$18.612b
07/09/21Bloomberg July United States Economic Survey
07/09/21Wholesale Trade Sales MoM0.80%
07/09/21Wholesale Inventories MoM1.10%1.10%

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