Another quiet day for the data calendar ahead of tomorrow’sFOMC Statement and the 2Q Advanced GDP release. The Case-Shiller Home Price Index slowed in April to +0.2% from +1.2% in March. As this dataset is smoothed by the three-month average, April’s monthly change must have been quite weak. Year-on-year the rate in April slowed to 10.8% from 12.3% in March. For May, the Case-Shiller Home Price index fell -0.31% MoM (consensus +0.3%) and the year-on-year rate declined to 9.34% (consensus +9.9%). The Consumer Confidence Index rose to 85.2 in June vs. 82.2 in May. This was the fourth straight month that the index was over 80, above which indicates that optimists are out ahead of pessimists. Consumer Confidence for July is expected to edge up to 85.4. The curve has bull flattened with 2s10s down -3.2 bps.
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