2-Yr Note Announcement Offering Amount data reported 2-Yr Note Announcement Offering Amount at $26.0 B
Fed should let the economy overheat Fed should let the economy overheat according to a well-argued report by WSJ reporter Greg Ip (former Fedwatcher), noting that the "rewards of lower unemployment are worth the risks of keeping rates low for longer". His main point is that with slack in the labor market and a low starting point on inflation, this trumps risk that financial inequality and financial market excess grows.
EIA natural gas storage change for week ending June 12 Gas inventories 89 Bcf build vs. consensus of 93 Bcf build.
FX Action: The dollar perked up FX Action: The dollar perked up after the stronger Philly Fed and leading indicators outcomes. EUR-USD dipped to 1.1390 from 1.1410, as USD-JPY bounced over 122.85 from near 122.70. Wall Street remains near session highs, as yields tick up a bit.
Philadelphia Fed Business Outlook Survey General Conditions Index data reported June Philadelphia Fed Business Outlook Survey General Conditions Index at 15.2 vs. consensus of 8.0
U.S. Philadelphia Fed Index Preview U.S. Philadelphia Fed Index Preview: June Philly Fed is expected an increase to 7.0 (median 8.0) following May's dip to 6.7. The Empire State Index for the month already posted a drop to -2.0 from 3.1 along side a more restrained ISM-adjusted decline to 51.6 from 51.7. Overall, analysts expect producer sentiment to trend sideways in June with the ISM-adjusted average holding at 51 for a third month.