|08:30||GDP||Modest upward revision to 1.3%?|
|08:30||Jobless claims||Focus on continuing claims|
|11:00||4-, 13- & 26-week bill announcement||Changes possible in all three maturities|
|13:00||Bullard (FOMC non-voter)||On U.S. economy and monetary policy|
Today’s revised level for Q1 GDP is likely to be close to or slightly above last month’s 1.2% estimate. We don’t expect much movement in initial claims in the weekly jobless claims report, but we think continuing claims are likely to retreat somewhat following three straight weekly increases.
Today’s bill announcements: 4-, 13- & 26-week bills
The Alternative Reference Rates Committee took another big step forward last week when it voted to endorse a broad Treasury repo rate as a new secondary benchmark for the market. In contrast to earlier proposed GC indexes, which were restricted to tri-party data, the new broad index will include some bilateral trades cleared through FICC. The new rate won’t officially go into production for some months to come, but the Fed released a couple of years of history of the new rate to give the market a feel for its behavior.