Treasury yields are modestly lower and flatter following softer wage and jobs data out of the U.K. on an otherwise quiet morning.
The NFIB Small Business Optimism Index rose 3 points to 98.8 in May, versus expectations of a 96.0 reading. According to the NFIB, the increase was mostly attributable to improved expectations for future business conditions and improved sales expectations, but the uncertainty measure of the index rose another 2 points last month. This afternoon, the government will issue $58 billion of 3-year Treasury notes.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 6/10/2025 | NFIB Small Business Optimism | 96 | 98.8 | 95.8 | — |
| 6/11/2025 | MBA Mortgage Applications | — | — | -3.90% | — |
| 6/11/2025 | Real Avg Hourly Earning YoY | — | — | 1.40% | 1.50% |
| 6/11/2025 | Real Avg Weekly Earnings YoY | — | — | 1.70% | 1.80% |
| 6/11/2025 | CPI MoM | 0.20% | — | 0.20% | — |
| 6/11/2025 | CPI Ex Food and Energy MoM | 0.30% | — | 0.20% | — |
| 6/11/2025 | CPI YoY | 2.50% | — | 2.30% | — |
| 6/11/2025 | CPI Ex Food and Energy YoY | 2.90% | — | 2.80% | — |
| 6/11/2025 | CPI Index NSA | 321.732 | — | 320.795 | — |
| 6/11/2025 | CPI Core Index SA | 327.319 | — | 326.43 | — |
| 6/11/2025 | Federal Budget Balance | -$314.5b | — | $258.4b | — |
| 6/12/2025 | PPI Final Demand MoM | 0.20% | — | -0.50% | — |
| 6/12/2025 | PPI Ex Food and Energy MoM | 0.30% | — | -0.40% | — |
| 6/12/2025 | PPI Ex Food, Energy, Trade MoM | 0.30% | — | -0.10% | — |
| 6/12/2025 | PPI Final Demand YoY | 2.60% | — | 2.40% | — |
| 6/12/2025 | PPI Ex Food and Energy YoY | 3.10% | — | 3.10% | — |
| 6/12/2025 | PPI Ex Food, Energy, Trade YoY | — | — | 2.90% | — |
| 6/12/2025 | Initial Jobless Claims | 242k | — | 247k | — |
| 6/12/2025 | Initial Claims 4-Wk Moving Avg | — | — | 235.00k | — |
| 6/12/2025 | Continuing Claims | 1910k | — | 1904k | — |
| 6/12/2025 | Household Change in Net Worth | — | — | $164b | — |
| 6/13/2025 | U. of Mich. Sentiment | 53.6 | — | 52.2 | — |
| 6/13/2025 | U. of Mich. Current Conditions | 58.8 | — | 58.9 | — |
| 6/13/2025 | U. of Mich. Expectations | 49 | — | 47.9 | — |
| 6/13/2025 | U. of Mich. 1 Yr Inflation | 6.40% | — | 6.60% | — |
| 6/13/2025 | U. of Mich. 5-10 Yr Inflation | 4.20% | — | 4.20% | — |
| 6/16/2025 | Empire Manufacturing | -5 | — | -9.2 | — |
| 6/17/2025 | Retail Sales Advance MoM | 0.00% | — | 0.10% | — |
| 6/17/2025 | Retail Sales Ex Auto and Gas | — | — | 0.20% | — |
| 6/17/2025 | Retail Sales Ex Auto MoM | 0.30% | — | 0.10% | — |
| 6/17/2025 | Import Price Index MoM | — | — | 0.10% | — |
| 6/17/2025 | Retail Sales Control Group | 0.30% | — | -0.20% | — |
| 6/17/2025 | Import Price Index ex Petroleum MoM | — | — | 0.40% | — |
| 6/17/2025 | Import Price Index YoY | — | — | 0.10% | — |
| 6/17/2025 | Export Price Index MoM | — | — | 0.10% | — |
| 6/17/2025 | Export Price Index YoY | — | — | 2.00% | — |
| 6/17/2025 | New York Fed Services Business Activity | — | — | -16.2 | — |
| 6/17/2025 | Industrial Production MoM | 0.10% | — | 0.00% | — |
| 6/17/2025 | Capacity Utilization | 77.70% | — | 77.70% | — |
| 6/17/2025 | Manufacturing (SIC) Production | — | — | -0.40% | — |
| 6/17/2025 | Business Inventories | 0.00% | — | 0.10% | — |
| 6/17/2025 | NAHB Housing Market Index | — | — | 34 | — |