Morning, Traders!
Happy Friday, it is the 28th of July, here are some things to look out for today.
Sentiment
Japan's benchmark bond yield rose after the Bank of Japan maintained its target for 10-year yields at around 0% but stated that its 0.5% ceiling was now a guideline rather than a hard limit.
The yen rose in volatile trade, while the dollar index fell, while short-term Treasuries rose.
Fears of a hard landing are subsiding after the Fed Chairman stated on Wednesday that a recession is no longer in the FOMC member's forecasts, as the banking turmoil settles, and the Biden Administration's industrial policies are spurring more private investment than expected.
The US House budget process came to a halt on Thursday amid simmering disagreements over spending levels and contentious social issues, raising the prospect of a government shutdown before the September 30 deadline.
Docket
8:30 AM ET
US PCE Price Index for June
YoY - Median Forecast: 3% | Prior: 3.8% | Range: 3.1% / 0.2%
MoM - Median Forecast: 0.2% | Prior: 0.1% | Range: 0.2% / 0.1%
Core YoY - Median Forecast 4.2% | Prior: 4.6% | Range: 4.4% / 4.1%
Core MoM - Median Forecast: 0.2% | Prior: 0.3% | Range: 0.4% / 0.1%
US Consumer Spending for June
Median Forecast: 0.4% | Prior: 0.1% | Range: 0.6% / 0.2%
10:00 AM ET
University Michigan Sentiment July Final
Median Forecast: 72.6 | Prior: 72.6 | Range: 75 / 72
5-Year Inflation - Median Forecast: 3% | Prior: 3.1%
Good luck today!
