Overview: Mon, October 24

Daily Agenda

Time Indicator/Event Comment
08:30Chicago Fed NAIShould rebound from August decline
09:00Dudley (FOMC voter)At Tsy market structure conference
09:05Bullard (FOMC voter)On the economy and monetary policy
09:45Markit mfg PMI (flash)Modestly above breakeven
11:004-week bill announcementAn unchanged $45 billion offering expected
11:303- and 6-month bill auction4th consecutive week at current levels
13:30Evans (FOMC non-voter)In Chicago
14:00Powell (FOMC voter)At Tsy market structure conference
15:00Treasury investor class auction dataMid-October data

US Economy

  • Capsule Economic Indicator Summaries for the Week of October 24, 2016

    The highlight of this week’s economic calendar is the advance estimate of Q3 GDP on Friday.  We look for a middling growth rate of 2% or so, but surprises are possible in either direction.  Today’s schedule is limited to the Chicago Fed’s national tracking estimate, which is likely to suggest that growth was close to or only slightly below trend in September.

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for October 24, 2016

    The Treasury has asked for market feedback on the possibility of replacing its monthly 7-year note auctions with a combination of quarterly new issues and scheduled reopenings.  Our guess is that any such shift would leave the aggregate supply of new 7-year notes essentially unchanged, while allowing the Treasury to improve liquidity in that sector by concentrating the existing supply in fewer CUSIPs.

Federal Reserve Commentary

MMO Analysis