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From the Desk

This daily newsletter conveniently delivers financial and economic commentary from around the globe, updated FHLB Des Moines advance rates and Bank announcements right to your inbox.

Recent Economic Commentary

Brandon Casey, Member Strategist - 7/26/2024

U.S. stocks opened higher on the last trading day of what has been a volatile week for the market. On the week, the DJIA is higher as a result index jumping 1.4% this morning. Both the S&P 500 and Nasdaq are poised to finish the week lower, barring a continued rally to close the day.

Looking at economic data today, the PCE Price Index increased 0.1% in June and 2.5% over the last year, both matching expectations. Core PCE, the Fed’s preferred inflation measure, was up 0.2% for the month and 2.6% over the last year, also both matching expectations. The annual reading was unchanged from the previous month.

Personal incomes were up 0.2% in June, missing expectations of 0.4%. Personal spending rose 0.3%, as expected. The personal savings rate fell to 3.4%, its lowest level since November 2022.

U.S. Treasury yields are lower this morning, with the 2-year Treasury yield down 5.6 basis points to 4.39%, the 5-year Treasury yield down 6.1 basis points to 4.09%, and the 10-year Treasury yield down 5.0 basis points to 4.21%. Advance rates are lower throughout most of the curve today.

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