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What to Watch: Retail Sales

US TSYS
  • Treasury futures trading firm ahead of a pick-up in US data this morning: June Retail Sales advance MoM in addition to NY Fed Services Business Activity at 0830ET, followed by Industrial Production and Capacity Utilization at 0915ET. At midmorning, Business Inventories and NAHB Housing Market Index released at 1000ET, while TIC flow of funds release is at 1600ET.
  • The Federal Reserve is in media blackout through July 27, the day after the next FOMC meeting. That said, Fed VC Barr is scheduled to speak at a housing conference at 1000ET will not cover policy.
  • Tsy Sec Yellen headlines earlier: DON’T MAKE TOO MUCH OF JUNE CPI REPORT, LABOR MARKET COOLING WITHOUT `ANY REAL DISTRESS’, Bbg.
  • Corporate earnings cycle gathers momentum with several banks already announcing this morning (PNC, Bank of NY Mellon, Bank of America, Morgan Stanley and CSFB). Interactive Brokers and Western Alliance Bancorp announce after the close.

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