|08:30||FRBNY business leaders survey||July service sector survey|
|09:15||Industrial production||Broad-based increase in June|
|10:00||Powell at Senate||Semi-annual monetary policy report|
|10:00||NAHB index||Stable in July?|
|11:30||1-month and year-bill auction||$45 billion and $26 billion respectively|
|16:00||Tsy intl cap flows||May data|
We expect housing starts to fall substantially and building permits to rise modestly in June. In both cases, the June movements would be partial reversals of large swings in last month’s report.
Today’s bill auctions: 4- and 52-week bills
Moving Week Edition. This week’s MMO appears in abbreviated form, as we moved to TP ICAP’s new Manhattan offices over the weekend. We have included quick updates on the bill supply outlook and its implications for overnight rates in August in this week’s newsletter.