Overview: Mon, March 27

Daily Agenda

Time Indicator/Event Comment
10:30Dallas Fed manufacturing survey
11:004-week bill announcementAnother $55 billion offering expected
11:303- and 6-month bill auctionSteady at $39 billion and $33 billion respectively
13:002-yr note auction27th consecutive $26 billion offering
13:15Evans (FOMC voter)

On economy and policy

18:30Kaplan (FOMC voter)On economic conditions and monetary policy

US Economy

  • Capsule Economic Indicator Summaries for the Week of March 27, 2017

    Tomorrow’s advance report on international trade should show that the February trade deficit reversed most or all of the prior month’s widening.  The third estimate of Q4 GDP on Thursday should be little changed from the previous estimate at 2.0%.  Consumer spending on Friday should be soft, while the PCE price data are likely to be mixed:  the year-over-year growth rate of the headline index should move above 2% for the first time in five years, but the core YOY will remain moored at 1.7%.  The calendar also includes the final round of regional factory surveys, starting with the Dallas Fed report this morning.  

Federal Reserve and the Overnight Market

This Week's MMO

  • MMO for March 20, 2017

    The expansion of clearinghouse deposits at the Fed has passed an important milestone over the past month, as two major CCPs have opened separate accounts for customer initial margin at the Federal Reserve Bank of Chicago.  Separately, a number of Treasury cash flow developments have surprised us in March, but none so much as the steep plunge in corporate tax payments on March 15.  [Amplification:  the decline in corporate tax payments was due to a change in the due-date for final payments this year.]

MMO Analysis