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Author Jason Haley

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Treasury yields are leaking higher and steeper again this morning as the White House is reportedly looking to move quickly to nominate a replacement for Fed Governor Lisa Cook.

Cook’s attorneys are expected to file an injunction to temporarily block her removal, pending a more thorough review by the courts. In addition to targeting the Fed Board of Governors, the Trump administration is also reviewing options to exert more control over the Fed’s 12 regional banks, according to a Wall Street Journal report. In other news, Treasury Secretary Bessent said his team is moving “deliberately” on an effort to privatize Fannie Mae and Freddie Mac and plans to choose the investment banks handling the deal sometime around September and October during a television interview this morning. Lastly, the MBA mortgage activity index slipped 0.5% last week as mortgage rates rose slightly versus the prior week. Refinance applications fell 3.5%.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPrior
8/27/2025MBA Mortgage Applications     —-0.50%-1.40%
8/28/2025GDP Annualized QoQ3.10%     —3.00%
8/28/2025Personal Consumption1.60%     —1.40%
8/28/2025GDP Price Index2.00%     —2.00%
8/28/2025Core PCE Price Index QoQ2.60%     —2.50%
8/28/2025Initial Jobless Claims230k     —235k
8/28/2025Initial Claims 4-Wk Moving Avg     —     —226.25k
8/28/2025Continuing Claims1966k     —1972k
8/28/2025Pending Home Sales MoM-0.20%     —-0.80%
8/28/2025Pending Home Sales NSA YoY0.10%     —-0.30%
8/28/2025Kansas City Fed Manf. Activity0     —1
8/29/2025Bloomberg Aug. United States Economic Survey   
8/29/2025Personal Income0.40%     —0.30%
8/29/2025Personal Spending0.50%     —0.30%
8/29/2025Real Personal Spending0.30%     —0.10%
8/29/2025PCE Price Index MoM0.20%     —0.30%
8/29/2025PCE Price Index YoY2.60%     —2.60%
8/29/2025Core PCE Price Index MoM0.30%     —0.30%
8/29/2025Core PCE Price Index YoY2.90%     —2.80%
8/29/2025Advance Goods Trade Balance-$90.0b     —-$86.0b
8/29/2025Advance Goods Imports MoM SA     —     —-4.20%
8/29/2025Advance Goods Exports MoM SA     —     —-0.60%
8/29/2025Wholesale Inventories MoM0.20%     —0.10%
8/29/2025Retail Inventories MoM0.20%     —0.30%
8/29/2025MNI Chicago PMI46.5     —47.1
8/29/2025U. of Mich. Sentiment58.6     —58.6
8/29/2025U. of Mich. Current Conditions60.8     —60.9
8/29/2025U. of Mich. Expectations57.5     —57.2
8/29/2025U. of Mich. 1 Yr Inflation5.00%     —4.90%
8/29/2025U. of Mich. 5-10 Yr Inflation3.90%     —3.90%
8/29/2025Kansas City Fed Services Activity     —     —-5
9/2/2025S&P Global US Manufacturing PMI     —     —53.3
9/2/2025ISM Manufacturing48.7     —48
9/2/2025ISM Prices Paid     —     —64.8
9/2/2025ISM New Orders     —     —47.1
9/2/2025ISM Employment     —     —43.4
9/2/2025Construction Spending MoM0.10%     —-0.40%
9/3/2025MBA Mortgage Applications     —     —-0.50%
9/3/2025JOLTS Job Openings     —     —7437k
9/3/2025JOLTS Job Openings Rate     —     —4.40%
9/3/2025JOLTS Quits Level     —     —3142k
9/3/2025JOLTS Quits Rate     —     —2.00%
9/3/2025JOLTS Layoffs Level     —     —1604k
9/3/2025JOLTS Layoffs Rate     —     —1.00%
9/3/2025Factory Orders-1.20%     —-4.80%
9/3/2025Factory Orders Ex Trans     —     —0.40%
9/3/2025Durable Goods Orders     —     —-2.80%
9/3/2025Durables Ex Transportation     —     —1.10%
9/3/2025Cap Goods Orders Nondef Ex Air     —     —1.10%
9/3/2025Cap Goods Ship Nondef Ex Air     —     —0.70%
9/3/2025Fed Releases Beige Book   
9/3/2025Wards Total Vehicle Sales16.00m     —16.41m

Jason Haley

Chief Investment Officer

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