US Treasuries
- Wednesday’s range for UST 2y: 3.66% – 3.735%, closing at 3.685%
- Wednesday’s range for UST 10y: 4.22% – 4.29%, closing at 4.235%
- Wednesday’s range for UST 30y: 4.815% – 4.87%, closing at 4.825%
Bloomberg: Fed Search Continues With Private Sector Candidates
Intraday Commentary from Jim Bianco
I’m old enough to remember last month, when the June budget was reported as a surplus of $27 billion. I was repeatedly told that this was tariff revenue and that Trump had finally gotten a handle on runaway deficit spending.
A little while ago, the July numbers were reported, and this all reversed.
The Wall Street median estimates for July were for a deficit of $239 billion.
The range was $196 billion to $289 billion. The actual number was $291 billion, worse than the most pessimistic estimate.
FYI, in July 2024, the budget was a deficit of $244 billion. Again, in July 2025, the deficit is $291 billion, $47 billion lower.
Jim Bianco Joins Fox Business
Arbor Data Science Podcast: Current State of Agribusiness and Land Values in the U.S.
Upcoming US Treasury Supply
Tentative Schedule of Treasury Buyback Operations
In Other News
SupplyChainBrain: Panama Canal Eyes Tenders for Ports on Two Coasts
InnovationNewsNetwork: Ford’s new $5bn platform set to launch more affordable EVs
CNBC: 1 in 5 laid-off workers submitted over 100 applications before finding a job, says new report
Realtor.com: Homes Are Piling Up on the Market – These States Have Had the Most Dramatic Shifts
Upcoming Economic Releases & Fed Speak
- 8/14/2025 at 08:30am EST: PPI Final Demand MoM / PPI Ex Food and Energy MoM
- 8/14/2025 at 08:30am EST: PPI Ex Food, Energy, Trade MoM / PPI Final Demand YoY
- 8/14/2025 at 08:30am EST: PPI Ex Food and Energy YoY / PPI Ex Food, Energy, Trade YoY
- 8/14/2025 at 08:30am EST: Initial Jobless Claims / Initial Claims 4-Wk Moving Avg
- 8/14/2025 at 08:30am EST: Continuing Claims
- 8/14/2025 at 10:00am EST: Fed’s Musalem Appears on CNBC
- 8/14/2025 at 02:00pm EST: Fed’s Barkin speaks in a NABE Webinar
- 8/15/2025 at 08:30am EST: Retail Sales Advance MoM
- 8/15/2025 at 08:30am EST: Empire Manufacturing
- 8/15/2025 at 08:30am EST: Retail Sales Ex Auto MoM / Retail Sales Ex Auto and Gas
- 8/15/2025 at 08:30am EST: Retail Sales Control Group
- 8/15/2025 at 08:30am EST: Import Price Index MoM / Import Price Index ex Petroleum
- 8/15/2025 at 08:30am EST: Import Price Index YoY
- 8/15/2025 at 08:30am EST: Export Price Index MoM / Export Price Index YoY
- 8/15/2025 at 09:15am EST: Manufacturing (SIC) Production
- 8/15/2025 at 09:15am EST: Capacity Utilization
- 8/15/2025 at 10:00am EST: Business Inventories
- 8/15/2025 at 10:00am EST: U. of Mich. Sentiment / Current Conditions / Expectations
- 8/15/2025 at 10:00am EST: U. of Mich. 1 Yr Inflation / 5-10 Yr Inflation
- 8/15/2025 at 04:00pm EST: Net Long-term TIC flows / Total Net TIC flows
- 8/18/2025 at 08:30am EST: New York Fed Services Business Activity
- 8/18/2025 at 10:00am EST: NAHB Housing Market Index
- 8/19/2025 at 08:30am EST: Housing Starts / Building Permits
- 8/19/2025 at 08:30am EST: Housing Starts MoM / Building Permits MoM
- 8/20/2025 at 08:30am EST: MBA Mortgage Applications
- 8/20/2025 at 11:00am EST: Fed’s Waller Speaks at Wyoming Blockchain Symposium
- 8/20/2025 at 02:00pm EST: FOMC Meeting Minutes
- 8/20/2025 at 03:00pm EST: Fed’s Bostic in Moderated Conversation Economic Outlook