|07:00||MBA mortgage prch. index||Little change expected in latest week|
|08:30||US current account||Modest increase in the deficit in Q1|
|09:30||Powell||On policy panel|
|10:00||Existing home sales||Decline expected in May|
|Reserve maint. period ends|
We look for a small decline in existing home sales in May.
This morning's Fed operations preview includes our updated monthly money market fund repo counterparty exposure chartbook in addition to the regular daily reserve and reverse RP tables.
Treasury cash flows following the June 15 quarterly tax date will help shape our bill supply projections for the third quarter. This week’s newsletter discusses our cash balance expectations for the coming week and the potential implication for bill auction sizes later in the summer. Also, we look at the Fed’s decision to schedule press conferences after every FOMC meeting in 2019. The announcement has had surprisingly little impact on the pattern of rate hikes implied by fed funds futures thus far, but that should change in the weeks ahead.