The major news over the weekend was President Biden dropping out of the 2024 Presidential election and endorsing his Vice President Kamala Harris, and so far, it appears to have garnered little reaction from the market.
The Treasury curve is slightly flatter with long-end yields down 1 to 2 bps, but this new development could lead to an uptick in market volatility in the coming weeks. The economic calendar is light today but picks up later this week with the release of second quarter GDP on Thursday.
Hafizan Hamzah
Senior Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 07/22/24 | Chicago Fed Nat Activity Index | -0.09 | 0.05 | 0.18 | 0.23 |
| 07/23/24 | Philadelphia Fed Non-Manufacturing Activity | — | — | 2.9 | — |
| 07/23/24 | Richmond Fed Manufact. Index | -7 | — | -10 | — |
| 07/23/24 | Richmond Fed Business Conditions | — | — | -11 | — |
| 07/23/24 | Existing Home Sales | 3.99m | — | 4.11m | — |
| 07/23/24 | Existing Home Sales MoM | -3.00% | — | -0.70% | — |
| 07/24/24 | MBA Mortgage Applications | — | — | 3.90% | — |
| 07/24/24 | Wholesale Inventories MoM | — | — | 0.60% | — |
| 07/24/24 | Advance Goods Trade Balance | -$98.0b | — | -$100.6b | -$99.4b |
| 07/24/24 | Retail Inventories MoM | — | — | 0.70% | — |
| 07/24/24 | S&P Global US Manufacturing PMI | 51.7 | — | 51.6 | — |
| 07/24/24 | S&P Global US Services PMI | 54.8 | — | 55.3 | — |
| 07/24/24 | S&P Global US Composite PMI | — | — | 54.8 | — |
| 07/24/24 | New Home Sales | 640k | — | 619k | — |
| 07/24/24 | New Home Sales MoM | 3.40% | — | -11.30% | — |
| 07/25/24 | GDP Annualized QoQ | 1.90% | — | 1.40% | — |
| 07/25/24 | Personal Consumption | 1.80% | — | 1.50% | — |
| 07/25/24 | GDP Price Index | 2.60% | — | 3.10% | — |
| 07/25/24 | Core PCE Price Index QoQ | 2.70% | — | 3.70% | — |
| 07/25/24 | Initial Jobless Claims | 238k | — | 243k | — |
| 07/25/24 | Continuing Claims | 1861k | — | 1867k | — |
| 07/25/24 | Durable Goods Orders | 0.50% | — | 0.10% | — |
| 07/25/24 | Durables Ex Transportation | 0.20% | — | -0.10% | — |
| 07/25/24 | Cap Goods Orders Nondef Ex Air | 0.20% | — | -0.60% | — |
| 07/25/24 | Cap Goods Ship Nondef Ex Air | 0.20% | — | -0.60% | — |
| 07/25/24 | Kansas City Fed Manf. Activity | -5 | — | -8 | — |
| 07/26/24 | Personal Income | 0.40% | — | 0.50% | — |
| 07/26/24 | Personal Spending | 0.30% | — | 0.20% | — |
| 07/26/24 | Real Personal Spending | 0.30% | — | 0.30% | — |
| 07/26/24 | PCE Price Index MoM | 0.00% | — | 0.00% | — |
| 07/26/24 | PCE Price Index YoY | 2.40% | — | 2.60% | — |
| 07/26/24 | Core PCE Price Index MoM | 0.10% | — | 0.10% | — |
| 07/26/24 | Core PCE Price Index YoY | 2.50% | — | 2.60% | — |
| 07/26/24 | U. of Mich. Sentiment | 66.4 | — | 66 | — |
| 07/26/24 | U. of Mich. Current Conditions | — | — | 64.1 | — |
| 07/26/24 | U. of Mich. Expectations | — | — | 67.2 | — |
| 07/26/24 | U. of Mich. 1 Yr Inflation | — | — | 2.90% | — |
| 07/26/24 | U. of Mich. 5-10 Yr Inflation | — | — | 2.90% | — |
| 07/26/24 | Kansas City Fed Services Activity | — | — | 2 | — |
