Bond prices are slightly improved this morning as the economic calendar gets very busy this week. Three must-watch releases are the minutes of the June FOMC meeting, industrial production/capacity utilization, and the University of Michigan consumer confidence index. The June FOMC minutes are not likely to produce any insight that hasn’t already been discerned from the announcement and from comments by Fed officials since then. The minutes should reinforce expectations that the Fed will remain on-hold for quite some time focusing on economic growth, as inflation remains quite low, which is expected to show in the Consumer Price Index.
This week also features $68 billion of Treasuries including an estimated $34 billion of three-year notes, $21 billion of ten-year notes, and $13 billion of thirty-year bonds. Second quarter earnings season will also begin so, while last week was a fairly uneventful one for the markets and the outlook, the coming week should prove more interesting, reinforcing or refuting the double-dip concerns.
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