Treasury yields are modestly lower on the last trading day of the week, extending yesterday’s rally.
There were no signs of escalation in the Middle East, and comments from Japan’s Finance Minister fueled a rally in Japanese government bonds, which spilled over into other large markets. Both oil and equity futures are little changed so far. There are no economic releases on the calendar today, but attention will shift to the June CPI report released next Tuesday. The core rate is expected to moderate to 2.8% on a year-over-year basis (2.9% y/y in May). The Fed calendar will be busy next week, with 10 different Fed leaders speaking at separate events. This includes Fed Chair Warsh’s first semi-annual testimonies before the Senate and House finance/banking committees.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 7/13/2026 | Federal Budget Balance | — | — | -$292.6b | — |
| 7/14/2026 | NFIB Small Business Optimism | 95.5 | — | 95.3 | — |
| 7/14/2026 | ADP Weekly Employment Change | — | — | 21.000k | — |
| 7/14/2026 | Real Avg Weekly Earnings YoY | — | — | -0.40% | -0.50% |
| 7/14/2026 | Real Avg Hourly Earning YoY | — | — | -0.70% | -0.80% |
| 7/14/2026 | CPI MoM | -0.10% | — | 0.50% | — |
| 7/14/2026 | Core CPI MoM | 0.20% | — | 0.20% | — |
| 7/14/2026 | CPI YoY | 3.80% | — | 4.20% | — |
| 7/14/2026 | Core CPI YoY | 2.80% | — | 2.90% | — |
| 7/14/2026 | CPI Index NSA | 334.8 | — | 335.12 | — |
| 7/14/2026 | Core CPI Index SA | 336.93 | — | 336.12 | — |
| 7/14/2026 | Total Net TIC Flows | — | — | $26.1b | — |
| 7/14/2026 | Net Long-term TIC Flows | — | — | $103.1b | — |
| 7/15/2026 | MBA Mortgage Applications | — | — | -2.20% | — |
| 7/15/2026 | Empire Manufacturing | 8.6 | — | 5.7 | — |
| 7/15/2026 | PPI Final Demand MoM | -0.10% | — | 1.10% | — |
| 7/15/2026 | PPI Ex Food and Energy MoM | 0.40% | — | 0.40% | — |
| 7/15/2026 | PPI Ex Food, Energy, Trade MoM | 0.40% | — | 0.80% | — |
| 7/15/2026 | PPI Final Demand YoY | 6.20% | — | 6.50% | — |
| 7/15/2026 | PPI Ex Food and Energy YoY | 5.20% | — | 4.90% | — |
| 7/15/2026 | PPI Ex Food, Energy, Trade YoY | — | — | 5.10% | — |
| 7/15/2026 | Fed Releases Beige Book | ||||
| 7/16/2026 | New York Fed Services Business Activity | — | — | -10.1 | — |
| 7/16/2026 | Philadelphia Fed Business Outlook | 15 | — | 10.3 | — |
| 7/16/2026 | Retail Sales Advance MoM | 0.30% | — | 0.90% | — |
| 7/16/2026 | Initial Jobless Claims | — | — | 215k | — |
| 7/16/2026 | Retail Sales Ex Auto MoM | -0.10% | — | 0.80% | — |
| 7/16/2026 | Initial Claims 4-Wk Moving Avg | — | — | 218.75k | — |
| 7/16/2026 | Retail Sales Ex Auto and Gas | 0.50% | — | 0.50% | — |
| 7/16/2026 | Continuing Claims | — | — | 1814k | — |
| 7/16/2026 | Retail Sales Control Group | 0.50% | — | 0.70% | — |
| 7/16/2026 | NAHB Housing Market Index | 35 | — | 35 | — |
| 7/16/2026 | Business Inventories | 0.30% | — | 0.50% | — |
| 7/16/2026 | Pending Home Sales MoM | — | — | 3.80% | — |
| 7/16/2026 | Pending Home Sales NSA YoY | — | — | 2.10% | — |
| 7/17/2026 | Import Price Index MoM | -0.60% | — | 1.90% | — |
| 7/17/2026 | Import Price Index ex Petroleum MoM | — | — | 0.80% | — |
| 7/17/2026 | Import Price Index YoY | — | — | 6.70% | — |
| 7/17/2026 | Export Price Index MoM | — | — | 1.30% | — |
| 7/17/2026 | Export Price Index YoY | — | — | 11.20% | — |
| 7/17/2026 | Housing Starts | 1325k | — | 1177k | — |
| 7/17/2026 | Housing Starts MoM | 13.00% | — | -15.40% | — |
| 7/17/2026 | Building Permits | 1400k | — | 1410k | — |
| 7/17/2026 | Building Permits MoM | -0.70% | — | -0.90% | — |
| 7/17/2026 | Industrial Production MoM | 0.20% | — | 0.10% | — |
| 7/17/2026 | Manufacturing Production MoM | 0.20% | — | 0.00% | — |
| 7/17/2026 | Capacity Utilization | 76.20% | — | 76.20% | — |
| 7/17/2026 | U. of Mich. Sentiment | 51.3 | — | 49.5 | — |
| 7/17/2026 | U. of Mich. Current Conditions | 48.5 | — | 47.7 | — |
| 7/17/2026 | U. of Mich. Expectations | 52 | — | 50.7 | — |
| 7/17/2026 | U. of Mich. 1 Yr Inflation | — | — | 4.60% | — |
| 7/17/2026 | U. of Mich. 5-10 Yr Inflation | — | — | 3.30% | — |