Good morning!

Last Friday's jobs report, pointing to a soft landing for the U.S. economy and an easing of inflation, was the highlight of a sleepy, abbreviated week on Wall Street. This week is a whole other story, as Q2 earnings kick off and an important inflation report. Here's what's happening...

• Q2 earnings season kicks off this week, with only 73 companies reporting. But don't let that low number fool you -- the week may start with a trickle but ends with a bang. Wednesday numbers are expected from WD-40, followed Thursday by PepsiCo, Progressive, Delta Air Lines, and ConAgra Brands. The real opening salvo is on Friday, with earnings due from JP Morgan Chase, Wells Fargo, Citigroup, Bank of New York Mellon Corporation, as well as Fastenal and Ericsson. *

• The U.S. economy's main event this week is Thursday's CPI (Consumer Price Index) report for June. The markets are pricing in a year-over-year 3.1% increase of headline inflation, which would match the lows where the CPI started the year. Prices are set to rise 0.1% month over month on a core basis (excluding volatile food and gas prices). PPI (Producers Price Index) numbers, which measure the average change over time in the selling prices received by domestic producers for their output, are due Friday. **

• Fed Chair Jerome Powell will appear Wednesday before the House Financial Services Committee for his second day of semiannual testimony. Investors will be looking for further clues on when the Fed plans to cut interest rates. Fed officials in June pared back estimates of how many times they expect to lower borrowing costs this year, signaling they’ll hold rates at a two-decade high as they wait for more evidence inflation is headed down to their 2% target. Powell reiterated that message in comments last week, and declined to specify when rate cuts might begin. ***

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We do our all to keep your money protected and growing. If you think you might benefit from our financial experience and oversight, contact us today for a FREE, no-obligation consultation. Just call (800) 460-1595. Until next week...

Investment Advisory Services offered through Miramontes Capital, LLC. Securities offered through Balanced Security Planning, Inc. Member FINRA/SIPC. Miramontes Capital, LLC and Balanced Security Planning, Inc. are separate companies affiliated through common control. This newsletter is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Miramontes Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital, LLC unless a client service agreement is in place.