Trade deficit grew modestly in July

Sept. 6:

The Trade Balance Report for July shows a trade deficit of $65 billion, a little less than had been expected. The goods deficit rose $2 billion to $90 billion, and the services surplus grew $0.7 billion to $2 billion.

State of the market

This morning, the Dow down and relative to Tuesday morning, Treasury yields were up.

Economic calendar

Wednesday, Sept. 6

• Trade Balance Report
• ISM Services PMI
• The Federal Reserve releases its Beige Book, a look at the state of the economy in each of the Fed’s 12 districts.

Thursday, Sept. 7

• Nonfarm Productivity/Unit Labor Costs
• Weekly Initial Jobless Claims

Friday, Sept. 8

• Consumer Credit

Treasury calendar

There are no auctions of Treasury notes or bonds this week.

By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking