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What to Watch: Atlanta Fed Bostic Breaks the Seal

MARKET INSIGHT

Tsys still trading modestly weaker, reversed early overnight gains after higher than expected French, Italian and Spanish GDP economic data triggered selling in EGBs in early London trade, brief pause after weaker than expected German GDP.

  • FED: Atlanta Fed Bostic (unscheduled) breaks the seal w/ the Fed out of blackout, reiterates Chair Powell's talking point: we are not in a recession, but inflation needs to be addressed w/ "more work needs to be done on bringing demand and supply into balance". More unscheduled speakers likely to pop up as the day progresses.
  • In the meantime: data coming up at 0830ET
    • Employment Cost Index (1.4%, 1.2%)
    • Personal Income (0.5%, 0.5%)
    • Personal Spending (0.2%, 0.9%)
    • Real Personal Spending (-0.4%, 0.0%)
    • PCE Deflator MoM (0.6%, 0.9%); YoY (6.3%, 6.8%)
    • PCE Core Deflator MoM (0.3%, 0.5%); YoY (4.7%, 4.7%)
    • Followed by
    • MNI Chicago PMI (56.0, 55.0) at 0945ET
    • U. of Mich. Sentiment (51.1, 51.1) at 1000ET
  • Treasury auctions: No auctions today and light next week with $54B 13W and $42B 26W bills on Monday (4W, 8W bills next Thu). Next Tsy quarterly refunding next Wed, Aug 3 at 0830ET.
  • Equities: Trading mildly firmer, SPX futures currently ESU2 +24.5 at 4098.0.
  • Earnings releases continue w/ large beats for energy companies this morning: Chevron (CVX) $5.82 vs. $4.965 est, Exxon (XOM) $4.14 vs. $3.975 est, Phillips 66 (PSX) $6.77 vs. $5.949 est.
  • Cross asset: Spot Gold trims gains +2.16 at 1758.0, Crude firmer (WTI +2.16 at 98.58)
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