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
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
NMLS: 51519
Millenium Home Mortgage LLC
1719 Route 10 East, Suite 206, Parsippany NJ
Company NMLS: 51519
Office: 973-402-9112
Email: connie@mhmlender.com
NMLS: 51519
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