Daily Market Color

10 Year Yield Falls For Third Straight Week

Yields steady to end a volatile week; equities fall on growth concerns

Treasury yields and swap rates ended a volatile week on a quiet note, rates changing less than a basis points across a flattening curve. Notably, rates fell for the third straight week, the 10-year Treasury yield falling below the 1.30% resistance level for the first time in five months, closing at 1.29%. Equities also ended the week lower, stalling at record highs as inflation concerns remained in focus.

June retail sales unexpectedly rise

U.S. retail sales in the month of June increased 0.6%, outpacing an estimate of a 0.3% decrease. Excluding autos, sales grew by 1.3%, while nine of the twelve retail categories saw increases in June.

Consumer sentiment falls on inflation fears

The University of Michigan’s consumer sentiment index decreased to 80.8 in July, down from 85.5 in June and coming in lower than all estimates. Within the survey, consumers are expecting inflation to increase to 4.8% over the next twelve months, the highest reading since August 2008.

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