US DATA: Real GDP Q2 Revision Driven By Non-Resi Investment

Aug-28 12:37

Real GDP revised to 3.29% annualized (cons 3.1) from 2.97% in the advance Q2 release, after -0.5% in Q1.
Real personal consumption revised to 1.57% annualized (cons 1.6) from 1.44% in the advance Q2 release, after 0.5% in Q1.
Real PDFP revised to 1.92% annualized from 1.23% in the advance Q2 release, after 1.9% in Q1.
See the below table for changes in contributions (noting that’s contributions and not % changes):

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Jul-29 12:36

Treasury futures holding near early session highs, little react to Advance Goods Trade Balance, import decline and less negative goods export. Wholesale inventories slightly higher than expected, retail inventories in-line.
Tsy Sep'25 10Y contract trades +7.5 at 111-00 vs. 111-00.5 high; initial technical resistance above at 111-14.5 (High Jul 22). Key support remains intact at 110-08+, the Jul 14 and 16 low. A move through this support would reinstate a bearish theme.
Curves flatter: 2s10s -0.168 at 47.617, 5s30s -1.984 at 96.721.
Cross asset: Bbg US$ index near recent high: BBDXY +3.65 at 1211.75; stocks mildly higher (SPX eminis +13.5 at 6436.25); gold firmer +5.95 at 3320.56.

Jul-29 12:21

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Jul-29 12:20

President Donald Trump will depart the United Kingdom at 11:00 ET 16:00 BST, returning to the White House at 19:20 ET 00:20 BST.
EPA Administrator Lee Zeldin is expected to announce a new Trump administration proposal to overturn a 16-year-old climate rule that has guided government policy.
European officials are downplaying investment pledges touted by Trump in the US-EU trade deal he struck with European Commission President Ursula von der Leyen in Scotland.
Treasury Secretary Scott Bessent will resume talks with his Chinese counterpart in Sweden. The talks are likely to result in another 90-day extension to the tariff and export control truce agreed in May.
USTR Jamieson Greer said “more negotiations” will be needed with India, as hopes fade for a trade deal before the August 1 tariff deadline.
The Commerce Department is considering a plan to raise revenue via patent fees. Senator Josh Hawley (R-MO) introduced legislation to provide tariff rebate checks.
The Senate Banking Committee is expected to advance its first bipartisan housing bill in over 10 years today.
The odds of new US sanctions on Russia spiked to nearly 70% yesterday after Trump indicated he could impose penalties as soon as August 7.
Trump hinted at a break with Israeli Prime Minister Benjamin Netanyahu, appearing to contradict the PM by acknowledging a humanitarian crisis in Gaza.
Poll of the Day: Netanyahu’s favorability rating among US adults hit a new low.

Full Article: US DAILY BRIEF

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