Summary

• The ISM Manufacturing Index was unchanged at a four-year high of 84.6, with 13 industries reporting growth versus only three experiencing contraction.
• Two-year Treasury yields jumped 10 bps this week to 3.88%, with 10-year yields up seven bps to 4.37%. Benchmark MBS yields surged 13 bps to 5.33%.
• The S&P 500 added 0.9% (up 5.6% y-t-d), and the Dow increased 0.5% (up 3.0%). The Utilities gained 1.2% (up 10.0%). The Banks increased 1.0% (up 2.9%), while the Broker/Dealers lost 1.6% (up 5.1%).
• Federal Reserve Credit increased $2.8 billion last week to $6.657 TN, with a 20-week expansion of $166 billion. Fed Credit was down $2.233 TN from the June 22, 2022, peak.

Wednesday, in a six to three decision, the Supreme Court declared Louisiana’s SB8 district Congressional map unconstitutional. As has become commonplace, the Justices were split along ideological lines. Should we now expect similar ideological and political dynamics to take hold

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