Strong job market, slowing inflation lift consumer confidence

Strong job market, slowing inflation lift consumer confidence

July 26:

The Consumer Confidence index rose to 117.0 in July from 110.1 last month, bringing the index to its highest level in two years. The increase was based on the strength of the job market and lower inflation.

State of the market

The market awaits the outcome of the Federal Open Market Committee meeting today at 11 a.m. PST. The Federal Reserve is expected to increase its Fed funds target 0.25%, and may or may not provide further hints as to what will come next.

This morning, the Dow traded about flat and Treasury yields were down relative to Tuesday morning.

Economic calendar

Wednesday, July 26

  • New Home Sales
  • The FOMC concludes its meeting with a press release at 11 a.m. PST and a news conference at 11:30 a.m. PST.

Thursday, July 27

  • Q2 2023 Gross Domestic Product
  • Advance Durable Goods
  • Weekly Initial Jobless Claims
  • Pending Home Sales

Friday, July 28

  • Personal Consumption Expenditures Price Index
  • Personal Income/Personal Spending
  • Employment Cost Index
  • University of Michigan Consumer Sentiment

Treasury calendar

Tuesday, July 25

  • Yesterday’s auction of $43 billion in five-year Treasury notes resulted in a yield of 4.170%, with demand higher than the previous such auction.

Wednesday, July 26

  • $24 billion auction of two-year Floating Rate Notes

Thursday, July 27

  • $35 billion auction of seven-year Treasury notes 
By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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