Daily Summary

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for Thursday, July 24, 2014


08:30Jobless claimsIncrease likely but still susceptible to seasonal distortions
08:30Continuing claimsShould reverse part of last week's sharp drop
09:45Markit US PMILittle change from strong June reading
10:00New home salesImplausibly large May spike should be partly reversed
10:15Fed Treasury coupon purchaseApril 2019 to March 2020 maturities
11:002-, 5-, 7-yr, and 2-yr FRN note announcement2-year note down $1 billion
11:003- and 6-month bill announcementBills likely to be unchanged for now
11:00Kansas City Fed indexLittle change in July
13:0010-yr TIPS auctionA new $15 billion offering

Economic Indicators

The usual weekly jobless claims report leads off today’s economic data lineup at 8:30. Claims remain subject to seasonal distortions, but we think the odds favor increases in both initial and continuing claims. We expect both the Markit (9:45) and Kansas City Fed (11:00) factory surveys to be little changed in July, while new home sales for June at 10:00 are likely to reverse part of their May spike. more »

Federal Reserve Operations & the Overnight Market

Fed Open Market Operations The Desk today will conduct an outright purchase covering 4 ¾- to 5 ¾-year Treasuries. more »

Overnight Funding Monitor Daily GCF repo forecasts more »

Treasury Finance

The Treasury will sell a new 10-year TIPS note this morning as well as confirm the details of next week’s exceptionally crowded auction calendar in its 11:00 announcement. more »

The Money Market Observer

Monday, Jul 21 This week’s newsletter is Part I of our preview of the Treasury’s August quarterly refunding. The Treasury on Friday asked dealers for feedback on two issues: the recent rise in Treasury fails and the possibility of introducing Treasury ultra-long bonds. With respect to the first topic, we discuss some of the balance sheet issues that contributed to the general price inelasticity of the repo market last month. We also discuss some of the options the Treasury might want to consider at the long end – once it is sure that the market has successfully weathered the end of the Fed's tapering process. more »

Daily Press Summary (pdf)

ICAP's Inside Debt Report for Wednesday, Jul 23 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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