|07:00||MBA mortgage prch. index||Reversal of last week's decline?|
|10:00||ECI revisions||Seasonal factor revisions|
|10:00||Retail sales revisions||Seasonal factor revisions and annual benchmarking|
|11:30||2-yr FRN auction||New $15 billion offering|
|13:00||5-yr note auction||Unchanged at $34 billion|
|Reserve maint. period ends|
No major monthly releases are scheduled this morning, but the annual revisions to the ECI and retail sales are due at 10:00.
Today’s coupon auctions: 2-year FRN; 5-year notes
This week’s advance Q1 GDP report should be quite weak and largely irrelevant. It is at times like this that we are reminded of an important truth: friends don’t let friends pay attention to quarterly GDP data. Also, a brief digression on the possibility of a government shutdown this weekend. The Treasury’s auction schedule would not be affected, but next week’s economic data releases (including the employment report) could be delayed if Congress can’t reach a compromise.