Housekeeping: Good Morning
Featured Analysis:
BNP: Higher Rates Today, Higher Gold Tomorrow
BNP Paribas says gold's correction reflects rising U.S. interest-rate expectations rather than weakening long-term fundamentals. While reducing its near-term forecasts, the bank argues that strong physical demand, continued central-bank buying, fiscal deterioration and geopolitical uncertainty should support a gradual recovery toward new highs during 2027.
In Other News:
Data on Deck: CPI
MONDAY, JULY 13
5:25a Federal Reserve Vice Chair for Supervision Michelle Bowman speaks
12:30p Federal Reserve governor Christopher Waller speaks
TUESDAY, JULY 14
8:30a Consumer price index (June) (prev 0.5% → est -0.2%)
8:30a CPI year over year (prev 4.2% → est 3.8%)
8:30a Core CPI (June) (prev 0.2% → est 0.2%)
8:30a Core CPI year over year (prev 2.9% → est 2.9%)
10a Federal Reserve Chairman Kevin Warsh testifies to Congress
12:40p Federal Reserve governor Michael Barr speaks
1p Chicago Fed President Austan Goolsbee speaks
1:30p Federal Reserve governor Lisa Cook speaks
2:55p Federal Reserve Vice Chair for Supervision Michelle Bowman speaks
WEDNESDAY, JULY 15
8:30a Producer price index (June) (prev 1.1% → est -0.0%)
8:30a Core PPI (June) (prev 0.8% → est 0.3%)
8:30a PPI year over year (prev 6.5%)
8:30a Core PPI year over year (prev 5.1%)
8:30a Empire State manufacturing survey (July) (prev 5.7 → est 8.4)
8:45a New York Fed President John Williams speaks
10a Federal Reserve Chairman Kevin Warsh testifies to Congress
1p Federal Reserve governor Lisa Cook speaks
2p Fed Beige Book
6:30p St. Louis Fed President Alberto Musalem speaks
THURSDAY, JULY 16
8:30a U.S. retail sales (June) (prev 0.9% → est 0.2%)
8:30a Retail sales minus autos (June) (prev 0.8% → est 0.2%)
8:30a Initial jobless claims (July 11) (prev 215,000 → est 218.000)
8:30a Philadelphia Fed manufacturing survey (July) (prev 10.3 → est 9.8)
10a Pending home sales (June) (prev 3.8% → est 0.0%)
12:30p Dallas Fed President Lorie Logan speaks
7p Federal Reserve Vice-Chair Philip Jefferson speaks
FRIDAY, JULY 17
8:30a Import price index (June) (prev 1.9% → est -0.8%)
8:30a Import price index minus fuel (June) (prev 0.8%)
8:30a Housing starts (June) (prev 1.18 million → est 1.31 million)
8:30a Building permits (June) (prev 1.41 million → est 1.41 million)
9:15a Industrial production (June) (prev 0.1% → est 0.2%)
9:15a Capacity utilization (June) (prev 76.2 → est 76.2%)
10a Consumer sentiment (prelim) (July) (prev 49.5 → est 50.5)
10a Home builder confidence index (July) (prev 35 → est 35)
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