Market Commentary [02.07.2023]

Bond pricing and treasury yields are flat in early trading. The U.S. 10 Year Treasury yield is currently 3.634%. More Fed speakers are due to make remarks Today. Investors will be scanning the Fed’s comments for clues about the central bank’s view on the economy, especially in relation to inflation easing and a potential looming recession. After the Fed’s last meeting, Powell mentioned that disinflation had started, but remained relatively hawkish in stance, indicating that the central bank would continue its efforts to curb inflation. The trade deficit in the US widened to $67.4 billion in December 2022 from a downwardly revised $61 billion in November which was the lowest since September 2020. Consumer credit is due out at 3pm ET. Powell will speak in Washington at 12:40pm ET as well as Fed Vice Chair Michael Barr at 2pm ET. Several more Fed speaking engagements remain through the remainder of this week. Mortgage rates are holding relatively steady all else constant.
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​ This week's major U.S. Economic Reports and Fed Speaker

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