Agenda
| Time | Indicator/Event | Comment |
| 08:30 | Jobless claims | Up sharply |
| 08:30 | Continuing claims | Up sharply |
| 10:00 | Geithner (FOMC voter) | With SEC Chairman Cox at House Financial Services on regulatory restructuring |
| 10:00 | Existing home sales | Falling again in June |
| 10:00 | Housing vacancies | Still rising in Q2 |
| 11:00 | 3- and 6-month and year- bill announcement | Year-bill up, 3- and 6-month bills flat? |
| 13:00 | 5-yr note auction | $1 billion increase to $21 billion |
| 14:00 | TSLF auction | $25 billion Schedule 1 rollover |
Intraday Updates
Initial unemployment insurance claims returned to their June highs as early-July seasonal adjustment problems faded, but continuing claims improved unexpectedly.
Existing home sales fell by even more than expected in June. more »
Economic Indicators
This morning’s calendar is likely to remind the market that there are still obstacles to growth in the current environment. We expect initial jobless claims to post a larger rebound than the consensus anticipates, and existing home sales are likely to resume their decline. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We look for the Desk to arrange a 3-part RP package totaling about $23 billion this morning. Also, dealers appear likely to roll over all of their maturing TSLF loans in this afternoon's auction, and may even add slightly to the total. more »
Fed Funds Monitor We expect funds to take on a generally neutral tone throughout today's session. more »
Treasury Finance
The Treasury will wrap up this week’s busy auction schedule with the sale of $21 billion of 5-year notes today, and will also start gearing up for next week’s issuance by announcing the terms of next week’s year-bill auction along with the regular 3- and 6-month bills this morning. more »
The Money Market Observer
Monday, Jul 21 FOMC members made more waves last week with tough talk on inflation, but Chairman Bernanke’s Congressional testimony indicated that he was well aware of the significant challenges facing the economy. This week’s newsletter looks at the Fed's current stance in the context of the charge that policy was too easy for too long in previous cycles.
Also, this week’s issue discusses some of the questions in the Treasury’s agenda for this week’s dealer meetings. Rising federal borrowing requirements are creating a need for a further expansion of the Treasury’s auction calendar. We think a move to monthly 10-year note sales is a likely next step in the Treasury’s ongoing response to a changing fiscal environment. more »
Daily Press Summary (pdf)
ICAP's i-Recap Report for Wednesday, Jul 23 The i-Recap report provides relevant market news from Dow Jones Newswires and data from ICAP and Wrightson ICAP in a take-home, easy-to-read format highlighting key developments which could impact the capital markets the ensuing trading day. Download a PDF file of the most recent report now. go »
i-Recap Report Archive go »
