Key Events This Week:
1. July CPI Inflation data - Thursday
2. Jobless Claims data - Thursday
3. July PPI Inflation data - Friday
4. Consumer Sentiment data - Friday
5. Total of 3 Fed members speak
6. ~15% of S&P 500 companies reporting earnings
Another busy week ahead.
Fitch’s downgrade of U.S. Treasury debt to AA+ is off-base, IMHO. They rate the sovereign debt of a rather lengthy list of countries AAA. Really? Ask global investors whose bonds they would rather own if push comes to shove in the global economy - it’s those of the U.S. Treasury.
One couldn’t ask for a better report on consumer price inflation. Inflation is definitively throttling back, and while today’s report overstates the case, there is a strong case that inflation is headed in the right direction. The Fed should rethink the need for more rate hikes.
Key Events This Week:
1. CPI Inflation data- Wednesday
2. PPI Inflation data - Thursday
3. Jobless Claims - Thursday
4. Consumer Sentiment data - Friday
5. Q2 2023 bank earnings begin
6. Total of 8 Fed speakers this week
Volatility is set to return to markets this week.
Some Bidenomics posting from another time zone. The CEA has an interesting post on comparative international inflation rates, but is too polite to be entirely clear about why it matters 1/ https://t.co/edD8PUOTne
The global economy would get a big boost if Russia’s internal conflict forced it to curtail its war in Ukraine more quickly. The war has done serious economic damage, and while the Western response has cushioned the blow, ending the aggression would lift a dark economic pall.
There Were Fewer Homes for Sale in May Than Any Other Month on Record
-The pool of homes for sale is shrinking because homeowners feel trapped by rising mortgage rates, with new listings down 25% to the third lowest level on record.
https://t.co/YveeHbdSee
As lawmakers attempt to agree a deal to raise the debt ceiling and avoid the U.S. defaulting on its debt, there are growing calls to just get rid of the debt ceiling altogether. @Markzandi joins @ChristineRomans