Headlines discussed at LNWM’s Monday morning briefing:
— US consumer prices were up 5.4% in July vs. a year ago, but annualized core inflation (ex food and energy) slowed to 0.3% in July vs. 9% in June.
— The yield on 10-year Treasury bonds sank below 1.3% as consumer confidence in Aug. fell to 70.2, lowest level since Dec. 2011.
— New weekly claims for US unemployment are staying below 400,000; of the more 12 million people total collecting jobless benefits, 8.5 million are on pandemic-related relief.
— A new social impact scoring system for municipal bonds is being developed by Intercontinental Exchange and risQ.
— China partially closed the world’s 3rd largest port to stop spread of Covid-19, adding to fears of global supply shortages.
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