Daily Summary

« Previous | Archive | Next »

for Monday, March 02, 2015

Agenda

TimeIndicator/EventComment
08:30Personal consumptionNominal spending held down by energy prices but real spending up
09:45Markit PMI (final)Little change from preliminary February reading of 54.3
10:00ISM factory reportRegional surveys point to a pullback
10:00Construction spendingSolid January gain expected
10:00Plosser (FOMC non-voter)In Washington
11:004-week bill announcementAn unchanged $40 billion offering expected
11:303- and 6-month bill auction5th consecutive $52 billion offering
15:00Fed 7-day term RRP announcementAnother $50 billion operation expected this Thursday

The Money Market Observer

Monday, Mar 2 This week’s MMO consists of our regular quarterly overview of the statement-date distribution of Fed balances. The December 2014 reporting date was a watershed in the market, as it marked the formal beginning of foreign banks’ retreat from Fed arbitrage activity. Large domestic banks generally managed to avoid unwanted cash inflows on the year-end statement date, with one very conspicuous exception. Finally, we address one issue raised in the January FOMC minutes a couple of weeks ago: some FOMC members might not be happy about using open market operations to offset statement date window-dressing distortions, but it strikes us as an entirely appropriate activity for the Fed. more »

Economic Indicators

This week's economic calendar starts with three reports today: PCE and PCE prices for January at 8:30, followed by this month's ISM factory report and January construction spending at 10:00. Last week's CPI report pushed our forecasts for the PCE price indexes higher, while consumption should be positive. The regional surveys point to a decline in the national ISM factory index, but construction is likely to start the year with a solid gain. The highlights of the remainder of the week are auto sales tomorrow, the ISM non-manufacturing index on Wednesday, productivity on Thursday, and the employment report and international trade on Friday. more »

Federal Reserve Operations & the Overnight Market

Fed Open Market Operations Reserve balance and reverse RP tables more »

Overnight Funding Monitor Daily GCF repo forecasts more »

Treasury Finance

The bill supply outlook will be complicated over the next two weeks by debt ceiling technicalities. We think there is a chance both that the Treasury might cut the size of the 4-week bill modestly and that it might offer a very short-dated cash management bill. more »

Daily Press Summary (pdf)

ICAP's Inside Debt Report for Friday, Feb 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 »

Daily Press Summary Archive go »

Jump to top.