The Treasury curve is lower and flatter this morning, with the 2-year yield down 3 bps and the 10-year yield down 6 bps, as tariff concerns continue to weigh on markets. The US and EU are rushing to get a trade deal done before the August 1st deadline, after which the EU will be hit with a 30% tariff on most goods. The US is currently seeking a near-blanket 10% tariff on EU exports while EU officials are seeking more exemptions.
The economic calendar is light today but will pick up Wednesday with housing data (MBA mortgage applications index and existing home sales) and jobless claims and new home sales on Thursday.
Hafizan Hamzah Senior Director, Investment Management Group
Date Event Survey Actual Prior 7/21/2025 Leading Index -0.30% — -0.10% 7/22/2025 Philadelphia Fed Non-Manufacturing Activity — — -25 7/22/2025 Richmond Fed Manufact. Index -2 -- -7 7/22/2025 Richmond Fed Business Conditions — — -16 7/23/2025 MBA Mortgage Applications — — -10.00% 7/23/2025 Existing Home Sales 4.00m — 4.03m 7/23/2025 Existing Home Sales MoM -0.70% — 0.80% 7/24/2025 Initial Jobless Claims 227k — 221k 7/24/2025 Chicago Fed Nat Activity Index -0.15 — -0.28 7/24/2025 Initial Claims 4-Wk Moving Avg — — 229.50k 7/24/2025 Continuing Claims 1960k — 1956k 7/24/2025 S&P Global US Manufacturing PMI 52.5 — 52.9 7/24/2025 S&P Global US Services PMI 53 — 52.9 7/24/2025 S&P Global US Composite PMI 52.7 — 52.9 7/24/2025 New Home Sales 650k — 623k 7/24/2025 Existing Home Sales MoM 4.30% — -13.70% 7/24/2025 Kansas City Fed Manf. Activity 0 — -2 7/24/2025 Building Permits — — 1397k 7/24/2025 Building Permits MoM — — 0.20% 7/25/2025 Durable Goods Orders -10.50% — -16.40% 7/25/2025 Durables Ex Transportation 0.10% — 0.50% 7/25/2025 Cap Goods Orders Nondef Ex Air 0.20% — 1.70% 7/25/2025 Cap Goods Ship Nondef Ex Air 0.30% — 0.40% 7/25/2025 Kansas City Fed Services Activity — — 3 7/25/2025 Bloomberg July United States Economic Survey
Hafizan Hamzah Senior Director, Investment Management Group
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