Daily Summary

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for Monday, March 30, 2015

Agenda

TimeIndicator/EventComment
08:30Personal consumptionLargely weather-related increase in February
10:00Pending home salesFlat in February
10:30Dallas Fed manufacturing surveyMaybe slightly less negative in March
11:004-week bill announcementAnother $40 billion offering expected
11:303- and 6-month bill auctionSteady at $24 billion apiece
19:15Fischer (FOMC voter)On shadow banking regulation

The Money Market Observer

Monday, Mar 30 Chair Yellen’s rather dovish speech on Friday provided a thoughtful and analytically rigorous justification for embracing an unabashedly ad hoc, seat-of-the-pants approach to the conduct of monetary policy over the next couple of years. We approve wholeheartedly. more »

Economic Indicators

We have no reason to expect anything other than another solid employment report on Friday. We think there is a risk that the unemployment rate will give back part of last month’s improvement, but payroll growth seems likely to remain solidly ensconced in the 200K+ range. The ISM factory index may slip modestly on Wednesday, but auto sales are likely to rebound sharply from February’s low point. The highlight of today’s calendar is the personal consumption and PCE price index report for February. Consumption spending may look all right on the surface, but the composition of the spending growth is likely to be weak. Today’s calendar also includes pending home sales (flat in February?) and the Dallas Fed factory index (below breakeven again in March). more »

Federal Reserve Operations & the Overnight Market

Fed Open Market Operations The Fed will hold its second quarter-end term RRP auction this morning at 10:00. more »

Overnight Funding Monitor Daily GCF repo forecasts more »

Treasury Finance

We expect the Treasury to keep the size of the 4-week bill unchanged this morning, which would raise $10 billion of new money on Thursday. more »

Daily Press Summary (pdf)

ICAP's Inside Debt Report for Friday, Mar 27 ICAP's Inside Debt provides relevant end-of-day news summaries and market sector commentary from Reuters for the FOREX, Treasuries, Corporates and Equities markets, a 3 pm EST market snapshot pricing of all market sectors from ICAP and economic data from Wrightson ICAP in a take-home, easy-to-read format. Download a PDF file of the most recent report now. go »

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