Next week, everything aligns, and a significant amount of data/reports will be released. Any one of them alone would be important, but collectively, they can have a substantial impact on markets. Our perception of markets/economy can change, IN EITHER DIRECTION, from Monday morning to Friday afternoon. (I would argue that Friday's list is more important than Wednesday's) ----- Monday 7:30 CT = The first part of the Treasury's Quarterly Refunding Announcement (QRA). This is the Financing estimate, or the amount of money they will need to borrow in the next quarter. 10:30 CT = 2-year Auction Noon CT = 5-Year Auction (twofer because of the Fed meeting) Tuesday 7:30 CT = Q2 GDP Noon CT = 7-Year Auction (to finish the coupon auctions before the Fed meeting) Wednesday 7:15 CT = ADP 7:30 CT = The second part of the Treasury's Quarterly Refunding Announcement (QRA). This part is the details of what they will issue (bills vs bonds). 1:00 PM CT = FOMC announcement and press conference (the big question is how many dissenters will we see, and does Powell "open the door" to a September cut?) Thursday 7: 30 CT = June PCE Friday The first set of data for July ... 7:30 CT = July Payrolls 9:00 CT = July ISM 9:00 CT = July University of Michigan Sentiment Survey All Day = July US vehicle (car/truck) sales (edited) All Day = This COULD BE the biggest event of the week ... Starting Friday, Trump says they will begin issuing "tariff letters" to as many as 200 countries, as the temporary reduction in tariffs to facilitate deals comes to an end (The temporary reductions started April 8th and were extended on July 9th to August 1). Some are referring to this as "LIBERATION DAY 2.0." I have not seen a timetable for when these letters will be issued, or if they will begin on Friday and take several days to issue.(Jim Bianco)