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Steady Start; No Drama From ISM Data
Steady Start; No Drama From ISM Data
Bonds weathered the 3-day weekend without issue. We started the day modestly stronger, but have moved back closer to unchanged levels in the first 2 hours. The day's only big-ticket (or semi-big-ticket?) econ data was the ISM Services index, but admittedly, that has more of an impact when it's released BEFORE the jobs report. Moreover, it was right in line with expectations at 54.0 vs 54.0, so even if this had come out last week, it may not have moved the needle.
Not Reading Too Much Into Late Day Reversal
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Jul 06 | |||||
| 9:45AM | Jun S&P Global Services PMI | Jun | 51.2 | 51.4 | 50.7 |
| 9:45AM | Jun S&P Global Composite PMI | Jun | 51.9 | 52.2 | 51.5 |
| 10:00AM | Jun ISM Services Employment | Jun | 51.2 | 47.9 | |
| 10:00AM | Jun ISM Services New Orders | Jun | 55.1 | 57.3 | |
| 10:00AM | Jun ISM Biz Activity | Jun | 55.4 | 57.7 | |
| 10:00AM | Jun ISM Services Prices | Jun | 67.7 | 71.3 | |
| 10:00AM | Jun ISM N-Mfg PMI | Jun | 54.0 | 54 | 54.5 |
| 11:00AM | Fed Waller Speech | ||||
| Tuesday, Jul 07 | |||||
| 8:15AM | ADP Employment Change Weekly | 30.75K | |||
| 8:30AM | May Trade Gap (bl) | May | $-78.0B | $-55.9B | |
| 9:20AM | NY Fed Bill Purchases 4 to 12 months (%) | $3.319 billion | |||
| 10:00AM | Jul IBD economic optimism | Jul | 45 | 42.5 | |
| 11:00AM | Jun Consumer Inflation Expectations | Jun | 3.5% | ||
| 11:30AM | 6-Week Bill Auction (%) | 3.655% | |||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
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