GBPUSD TECHS: 50-day EMA Support Cracks

• Date $MM Issuer (Priced *, Launch #)
• 07/22 $2B #General Electric $1B 5Y +47, $1B +10Y +62
• 07/22 $Benchmark NY Life 3Y +40, 3Y SOFR+66
• 07/22 $1.5B #Wells Fargo 2031-tap +72
• Expected Wednesday:
• 07/23 $Benchmark JFM (Japan Finance Org for Munis) 5Y SOFR+68a

Trump administration economists are spotlighting a little-noticed piece of federal data on production of business equipment that “they argue shows a business investment surge is in the works — one that could have lasting consequences for U.S. growth”, according to Axios.

• Axios notes: “Industrial production of business equipment is an early indicator of capital spending — investments in property, equipment and technology — that ultimately fuels higher productivity and higher incomes."
• Axios adds: “Production of business equipment in the second quarter averaged 7.9% higher than in the final three months of last year, which works out to a 16.5% annual rate. That was the highest two-quarter rise since 1997, other than in the immediate pandemic bounce-back in 2020.”
• Axios has “learned that Treasury officials will soon begin highlighting this data as a key economic achievement of the administration… Trump administration officials view increasing business capital investment as the linchpin of their economic agenda, including ultimately driving gains in blue-collar wages.”

• Date $MM Issuer (Priced *, Launch #)
• 07/22 $Benchmark General Electric 5Y +47, +10Y +62
• 07/22 $Benchmark NY Life 3Y +40, 3Y SOFR+66
• 07/22 $1.5B #Wells Fargo 2031-tap +72
• Expected Wednesday:
• 07/23 $Benchmark JFM (Japan Finance Org for Munis) 5Y SOFR+68a