Overview: Mon, March 26

Daily Agenda

Time Indicator/Event Comment
08:30Chicago Fed NAIVery strong in February
10:30Dallas Fed manufacturing surveyLittle change expected this month
11:004-week bill announcementA sizable reduction expected
11:303- and 6-month bill auctionSteady at $51 billion and $45 billion
13:002-yr note auction$2 billion increase to $30 billion
16:30Mester (FOMC voter)On monetary policy

US Economy

  • Economic Indicator Preview for Monday, March 26, 2018

    The pace of economic releases will start out slowly this morning, but will pick up as the week progresses.  The only items on this morning’s calendar are the Chicago Fed’s national tracking index (well above trend in February) and the Dallas Fed regional factory survey (probably steady at a high level).

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for March 19, 2018

    There is little doubt that the Fed will raise rates this week, and our guess is that Wednesday’s dot-plot will suggest a somewhat more hawkish policy stance for 2019 and 2020 as well.  Separately, the spread between the IOER rate and the effective fed funds rate tightened a week sooner than we anticipated.  We continue to expect another one-basis-point tightening in June.

MMO Analysis