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

Date Event Surv(M) Actual Prior Revised
07/06/21 Markit US Services PMI 64.8 64.6 64.8 —
07/06/21 Markit US Composite PMI — 63.7 63.9 —
07/06/21 ISM Services Index 63.5 60.1 64 —
07/07/21 MBA Mortgage Applications — -1.80% -6.90% —
07/07/21 JOLTS Job Openings 9325k — 9286k —
07/07/21 FOMC Meeting Minutes — — — —
07/08/21 Initial Jobless Claims 350k — 364k —
07/08/21 Continuing Claims 3350k — 3469k —
07/08/21 Langer Consumer Comfort — — 55.1 —
07/08/21 Consumer Credit $18.000b — $18.612b —
07/09/21 Bloomberg July United States Economic Survey
07/09/21 Wholesale Trade Sales MoM — — 0.80% —
07/09/21 Wholesale Inventories MoM 1.10% — 1.10% —

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