Market Research - July 14, 2024

The 10-year U.S. Treasury yield rose 1 basis point to 4.20% following new Producer Price Index (PPI) data. June PPI showed inflation pressures: 2.6% YoY (up from 2.4%), core PPI at 3.0% YoY, and higher-than-expected MoM growth. Likelihood of a September rate cut fell to 89.8%. The University of Michigan Consumer Sentiment Index dropped to 66, the lowest since November 2023. Investors should watch for Fed Chair Powell's upcoming speech for insights on future monetary policy.