|08:30||Advance international trade||Advance trade report will also include inventory data this month|
|08:30||Jobless claims||Up due to calendar effects|
|11:00||3- and 6-month bill announcement||Expected to be unchanged at $37 billion and $32 billion|
|11:00||Kansas City Fed index||Moderately positive again in July?|
|13:00||7-yr note auction||Unchanged at $28 billion|
The Commerce Department’s new advance economic indicators report debuts at 8:30, with advance estimates of the goods deficit as well as wholesale and retail inventories for June. Also on tap are the weekly jobless claims report at 8:30 and the Kansas City Fed’s July factory survey at 11:00.
While it was inevitable that the tone of the July FOMC statement would be more hawkish than in June, the Fed decided to lean a little bit more in that direction than was strictly required.
Today's bill announcements: 3- & 6-month bills
Today's coupon auction: 7-year notes
While the FOMC won’t raise rates at its July meeting, the economic data due out at the end of this week should bolster the case for a rate hike at the next meeting in September. The year-over-year growth rate of the ECI should improve, and GDP should be strong enough on the surface to meet the FOMC’s growth requirements. This week’s calendar also includes new “advance” estimates of business inventories that are designed to take a little of the guesswork out of the initial GDP report for each quarter.