Markets react to slowing inflation while awaiting jobs data
Markets continue to react to the favorable inflation numbers reported Friday: The Personal Consumption Expenditures price index was up only 3.0% year over year and the core PCE price index, which excludes food and energy, was up 4.1%.
The data seem to be moving more analysts over to the camp forecasting a “soft landing” for the economy. Neel Kashkari of the Minneapolis Federal Reserve said Sunday that such a thing could be “absolutely achievable,” although some job losses are likely.
This week the focus will be on Friday’s employment report, though there are plenty of opportunities for surprises to pop up before then.
The Dow traded down this morning and Treasury yields were little changed relative to Friday morning.
Tuesday, Aug. 1
ISM Manufacturing PMI
Wednesday, Aug. 2
ADP Employment Report
Thursday, Aug. 3
Nonfarm Productivity/Unit Labor Costs
Weekly Initial Jobless Claims
ISM Services PMI
Friday, Aug. 4
Monthly Employment Report
There are no auctions of Treasury notes or bonds this week.
By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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