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Correction Continues Despite Tariff Announcements
Correction Continues Despite Tariff Announcements
Bonds were moderately weaker to start the day and continued losing ground in the AM hours. Just after noon, new tariff announcements caused a surge of selling in stocks. There was initially some buying in bonds, but not much, and not for long. Tariffs are a double-edge sword for bonds, as we've seen on several occasions over the past few months and today's version was well balanced, ultimately leaving 10yr yields at similar levels before and after the news. Today's weakness adds to the multi-day correction that began last Wednesday and accelerated after Thursday's jobs report. Bond buyers may remain hesitant until getting through more of this week's Treasury auction cycle.
Correction Continues Despite Tariff Announcements
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Jul 08 | |||||
| 6:00AM | Jun NFIB Business Optimism Index | Jun | 98.7 | 98.8 | |
| 11:00AM | Jun Consumer Inflation Expectations | Jun | 3.2% | ||
| 1:00PM | 3-Yr Note Auction (bl) | 58 | |||
| 3:00PM | May Consumer credit (bl) | May | $11B | $17.87B | |
| Wednesday, Jul 09 | |||||
| 7:00AM | Jul/04 MBA Refi Index | Jul/04 | 759.7 | ||
| 7:00AM | Jul/04 MBA Purchase Index | Jul/04 | 165.3 | ||
| 10:00AM | May Wholesale inventories mm (%) | May | -0.3% | 0.1% | |
| 10:30AM | Jul/04 Crude Oil Inventory (ml) | Jul/04 | 3.845M | ||
| 10:30AM | NY Fed Treasury Purchases Bill 0 to 1 yrs (%) | $75 million | |||
| 1:00PM | 10-yr Note Auction (bl) | 39 | |||
| 2:00PM | FOMC Minutes | ||||
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