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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Executive Summary
- Retail sales on Tuesday kickstarted a week that saw a range of stronger than expected activity-related releases, with its control group rising 0.9% M/M in June vs expectations of a 0.2% increase.
- A beat for industrial production followed, bolstering its nascent recovery evident in May, with the combination helping lift the Atlanta Fed’s real GDP growth tracker to 2.7% ahead of Thursday’s Q2 advance release after an increasingly broad soft patch over recent weeks.
- Core import prices also offered the Fed some concern and the Philly Fed manufacturing survey saw a further sizeable climb in current period prices received in signs of localized stronger pricing power.
- The sole soft piece of data was the surprise lurch higher in jobless claims, receiving plenty of interest with the labor market so keenly in focus but with a potential caveat with impact from Hurricane Beryl.
- However, Powell’s comments and overhang from last week’s CPI and PPI data have limited the hawkish reaction to the mostly strong data. A first cut of the cycle is priced for September, with two CPI and payrolls reports still due before then, as a path currently with two and a half cuts by year-end.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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