Financial Reports

Very little was released this week due to the major inflation data releases from the previous week. The Leading Economic Index was the most significant—and only—impactful release this week, showing a further decline in overall sentiment about the current economic situation. The majority of the decline was largely driven by expectations for business conditions. The decline was faster than expected, enough to warrant continued monitoring of the Leading Economic Index going forward.

Leading Economic Indicators
The Conference Board Leading Economic Index for the US declined by 0.3% in June 2025 to 98.8, after no change in May (revised upward from -0.1% originally reported). As a result, the LEI fell by 2.8% over the first half of 2025, a substantially faster rate of decline than the -1.3% contraction over the second half of 2024.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw an increase of 0.05% with the current rate at 5.87%
• 30-Yr FRM rates saw an increase of 0.01% with the current rate at 6.74%

MND Rate Index

• 30-Yr FHA rates saw no change for this week. Current rates at 6.39%
• 30-Yr VA rates saw no change for this week. Current rates at 6.40%

Jobless Claims
Initial Claims were reported to be 217,000 compared to the expected claims of 227,000. The prior week was 221,000.

What’s Ahead
Personal Income & Spending and PCE Prices will lead the way for data releases next week. This will be followed by the Nonfarm Payrolls giving a strong indicator of where the economy is headed for the average consumer.

While inflation has slowed down since the pandemic, it is showing a faster-than-expected rise for consumers, as the CPI (Consumer Price Index) has reported a higher than expected 0.3% increase, contrasted to the 0.2% expected increase.

Meanwhile, the PPI (Producer Price Index) has proven to be entirely flat, with the largest takeaway being that signs of tariff-related inflation are — at best — scattered among data reports, leading to many speculating that the impacts have been overestimated.

Given continued inflation for consumers, it is very unlikely the Federal Reserve will make any adjustments to the rate as it adopts a “wait-and-see” approach to the administration’s policies. Another noteworthy data release is retail sales, which has shown to snap back after the concerns about tariffs and widespread price increases have eased.

Consumer Price Index
Consumer prices in June posted the biggest increase since the beginning of the year and are likely to keep the Federal Reserve from cutting interest rates later this month, but there were only scattered signs of tariff-related inflation. The consumer-price index rose 0.3% last month, the government said Tuesday, and matched Wall Street’s forecast. It was the biggest rise since January.

Producer Price Index
Wholesale prices were unchanged in June and showed only a mild effect from U.S. tariffs, adding to the growing view that trade wars won’t lead to a big surge in inflation. The flat reading in the producer-price index came in below the Wall Street forecast of a 0.2% increase.

Retail Sales
Receipts at retail cash registers rose 0.6% last month, the government said Thursday, based on seasonally adjusted numbers. That was three times the Wall Street estimate.

Primary Mortgage Market Survey Index
• 15-Yr FRM rates saw an increase of 0.06% for this week, with the current rates at 5.92%
• 30-Yr FRM rates saw an increase of 0.03% for this week, with the current rates at 6.75%

MND Rate Index
• 30-Yr FHA rates saw an increase of 0.04% for this week, with the current rates at 6.39%
• 30-Yr VA rates saw an increase of 0.03% for this week, with the current rates at 6.40%

Jobless Claims
Initial Claims were reported to be 221,000 compared to the expected claims of 234,000. The prior week landed at 228,000.

What’s Ahead
After inflation reports, there will only be the Leading Indicators report in the schedule for next week.