Markets will be focused on the Producer and Consumer price indexes this week

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Published Date 7/8/2024

This is a big week for markets, not that they all aren’t. Inflation data on Thursday and Friday. Jerome Powell testifying in Congress in his required semi-annual report. Tuesday at the Senate Banking Committee, Wednesday at the House Financial Services Committee. Treasury auctioning $119B of 3s, 10s, and 30s.

The estimates for CPI and PPI are a slight bump higher. Powell’s testimony always gets market reaction.

Rates were higher overnight, the 10 year note traded at 4.32% +3 bps from Friday’s close, by 8:30 am ET the note traded at 4.28%.

At 9:30 am the DJIA opened +211, NASDAQ +25, ,S&P +11. 10 year at 9:30 am 4.30% +1 bps. FNMA 6.0 30 year coupon at 9:30 am -2 bps from Friday’s close and +1 bp from 9:30 am Friday.

Looking for a quiet day ahead.

This Week’s Economic Calendar:

• Monday,

3 pm May consumer credit (+$8.3B)

• Tuesday,

6 am Jun NFIB small business optimism index (90.3 from 90.5)

10 am Powell at the Senate Banking Committee

1 pm $58B 3 year note auction

• Wednesday,

7 am weekly MBA mortgage applications

1 pm $39B 10 year note auction

• Thursday,

8:30 am June CPI (month/month +0.1% from 0.0%, year/year +3.1% from 3.3%; core CPI month/month +0.2% from +0.2%, year/year +3.5% from 3.4%)

Weekly jobless claims (+239K from 238K the prior week)

1 pm $22B 30 year bond auction

2 pm June Treasury budget (May -$347.1B)

• Friday,

8:30 am June PPI (month/month +0.1% from +0.2%, year/year +2.3% from +2.2%; core PPI month/month +0.2% from 0.0%, year/year +2.5% from +2.3%)

10 am University of Michigan mid-month consumer sentiment index (68.2 unch from June)

Source: TBWS

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