I’ve heard of Multi “Grain”…
July 30, 2024
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–Treasury borrowing estimate for July-Sept was cut to $740 billion from an original estimate of $847b. Little reaction in treasuries… slight bid. Same with stocks but they eased back into the close. Ten year yield fell 2.2 to 4.176%.
–MSFT earnings this afternoon, AMD as well. META on Wednesday. AMZN and NVDA Thursday. Total market cap MSFT, META, AMZN and NVDA is $9 trillion. National debt is $35 trillion. Nominal GDP $28.6t.
–Other news today includes JOLTs expected 8000k from 8140 last. Conference Board Consumer Confidence expected 99.7 from 100.4 last. Since early 2021 following Covid there have only been four instance of Confidence below 100. Democratic National Convention just three weeks away in Chicago. See Venezuela.
–In front of tomorrow’s FOMC, Nick Timiraos reassures us with the news everyone has been anxiously awaiting from the NY Fed:
Multivariate Core Trend (MCT) inflation decreased to 2.1 percent in June from 2.4 percent (unrevised) in May.
I have no idea what MCT is, but it’s at the Fed’s target. Mission accomplished.
