Consumer credit increased $19.62 billion (0.7%) to $2.84 trillion in May. The U.S. Treasure reported a rare surplus of $116.5 billion in June. The minutes of the June 18-19 FOMC meeting affirmed the decision to retain the fed funds rate at a range of zero to 0.25% and maintain the pace of asset purchase programs. The topline producer price index increased 0.8% in June. Initial jobless claims rose 16,000 to 360,000 for the week ended 7/6.

• Consumer credit increased $19.62 billion (0.7%) to $2.84 trillion in May, up 5.8% since May 2012. Revolving credit (i.e., credit cards) rose at an annual pace of 1.1% while non-revolving credit (i.e., auto loans) was up 8.0%.

• The U.S. Treasury reported a rare surplus of $116.5 billion in June. More than half of that figure reflects the one-time boost of $66 billion in rescue repayment by government agencies Fannie Mae and Freddie Mac. Individual income tax receipts are up 18% nine months into the fiscal year with corporate taxes up 16.9%.

• The minutes of the June 18-19 FOMC meeting affirmed the decision to retain the fed funds rate at a range of zero to 0.25% and maintain the pace of asset purchase programs. The meeting clarified the Fed’s ongoing policy debate and emphasized that the decision on asset purchases is separate from when to raise the fed funds rate.

• The topline producer price index increased 0.8% in June. The core PPI rose 0.2%.

• Initial jobless claims rose 16,000 to a level of 360,000 for the week ended July 6th.