|10:30||Dallas Fed manufacturing survey|
|11:00||4-week bill announcement||4th consecutive $55 billion offering expected|
|11:30||3- and 6-month bill auction||Unchanged at $40 billion and $34 billion respectively|
The market will face a typical turn-of-the-month burst of economic data this week. Employment on Friday is the highlight, though a number of other indicators along the way will be of interest, starting with today’s July PCE and PCE price index data and including auto sales and the ISM factory survey on Thursday.
Today’s bill announcement: 4-week bills
Today’s bill auctions: 3- & 6-month bills
If last week’s FOMC minutes are any guide, Chair Yellen may try to strike a generally confident tone in her Jackson Hole remarks on Friday while being noncommittal about the near-term rate hike. More broadly, we suspect that Fed attendees at Jackson Hole will be noncommittal about this year’s central theme, which is “Designing Resilient Monetary Policy Frameworks for the Future”. The Fed is quite mindful of the challenges it still faces in laying out an operational roadmap for the post-normalization world, and is in no rush to commit itself prematurely. This week’s MMO looks at a few of the long-run implementation issues mentioned in last week’s FOMC minutes, and especially the question of finding ways around the stigma problems that afflict the discount window.