Monday Morning Meeting Notes (07/17/2023)

General Info:

• U.S. consumer price index (CPI) data for June showed a broad slowdown in the pace of inflation
• CPI increased 0.2% month-over-month and 3.0% year-over-year (vs. expectations of 0.3% and 3.1%, respectively)
• Core CPI, which excludes volatile food and energy costs, increased 0.2% month-over-month and 4.8% year-over-year (vs. expectations of 0.3% and 5.0%, respectively)
• “Supercore” CPI, which measures the core services component excluding shelter, was flat at 0.0% month-over-month and the year-over-year figure declined from 4.6% to 4.0%
• Using Core CPI, the real fed fund rate has now turned positive (5.25% fed funds vs. 4.8% Core CPI)
• Fun Fact: It's illegal to own just one guinea pig in Switzerland. It's considered animal abuse because they're social beings and get lonely

Monday 07/17:

• China reports GDP for Q2 2023, retail sales for June, and industrial production for June

Tuesday 07/18:

• Bank of America, Morgan Stanley, BNY Mellon, Charles Schwab, Lockheed Martin, Prologis, and JB Hunt Transport Services report earnings
• U.S. retail sales for June
• U.S. industrial production for June

Wednesday 07/19:

• Tesla, Goldman Sachs, U.S. Bancorp, Netflix, IBM, Volvo AB, Ally Financial, Citizens Financial Group, Northern Trust, Alcoa, United Airlines, M&T Bank, Halliburton, Las Vegas Sands, Crown Castle Inc, Nasdaq, Discover Financial Services, Kinder Morgan, and Robert Half International report earnings
• National Hot Dog Day – ketchup belongs on a hot dog, but only if it’s Heinz
• The National Hot Dog and Sausage Council (a real group with an incredible website) established this holiday in 1991
• U.S. housing starts for June
• Eurozone CPI data for June
• Eurozone CPI is expected to have risen 0.3% month-over-month in June, while the year-over-year figure is expected to have decreased from 6.1% to 5.5%
• Eurozone Core CPI, which excludes volatile food and energy costs, is expected to have remained steady compared to last month’s reading of 5.4% year-over-year
• U.K. CPI data for June
• U.K. CPI is expected to have risen 0.4% month-over-month in June, while the year-over-year figure is expected to have decreased from 8.7% to 8.2%
• U.K. Core CPI, which excludes volatile food and energy costs, is expected to have remained steady compared to last month’s reading of 7.1% year-over-year

Thursday 07/20:

• Johnson & Johnson, Abbott Laboratories, PPG Industries, Intuitive Surgical, Philip Morris International, American Airlines, Fifth Third Bancorp, Blackstone, SL Green Realty, Travelers Companies Inc, CSX Corp, Marsh & McLennan, Pool Corp, Truist Financial, Capital One Financial, and D.R. Horton report earnings
• U.S. initial jobless claims and continuing claims data
• U.S. existing home sales for June
• U.S. Conference Board leading economic index for June
• Eurozone consumer confidence data for July
• Taiwan export orders for June

Friday 07/21:

• American Express, Huntington Bancshares, Schlumberger, and Roper Technologies report earnings
• Japan CPI data for June, which is expected to have increased from 3.2% to 3.3% year-over-year
• U.K. retail sales data for June