Daily Summary

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for Tuesday, September 23, 2014

Agenda

TimeIndicator/EventComment
09:00Bullard (FOMC non-voter)At Community Bank Conference
09:00FHFA house price indexSolid gain likely in July
09:20Powell (FOMC voter)At Community Bank Conference
09:30George (FOMC non-voter)At Community Bank Conference
09:45Markit US PMIMay reverse part of August increase
10:00Phila. Fed non-mfg surveyInaugural release of non-mfg survey from Philly Fed
10:00Richmond Fed indexLittle change from solid August level
11:304-week bill auction$10 billion increase to $40 billion
13:002-yr note auction3rd consecutive $29 billion offering
14:00Kocherlakota (FOMC voter)At Town Hall Forum
21:45George (FOMC non-voter)On the economy
 Weekly chain store surveys 

Intraday Updates

[9:00 Data]   The FHFA house price index was much weaker than we had expected in July.

[10:00 Data]  The Richmond Fed factory survey was slightly stronger than we had expected in September.   more »

Economic Indicators

The economic data calendar remains light today. The only significant monthly reports are the FHFA house price index for July at 9:00 and the Richmond Fed factory index for September an hour later. The FHFA index should probably post a substantial increase while the Richmond gauge will probably be little changed. more »

Federal Reserve Operations & the Overnight Market

Fed Open Market Operations This morning the Desk will conduct its sole September purchase covering 4 ¾- to 5 ¾-year Treasuries. more »

Overnight Funding Monitor Daily GCF repo forecasts more »

Treasury Finance

The Treasury responded to the quarter-end collateral squeeze by increasing the size of today’s 4-week bill offering to $40 billion.  more »

The Money Market Observer

Monday, Sep 22 The Fed’s decision to limit usage of the overnight RRP facility to $300 billion has led to consternation at the front end of the market, as the new limit will almost certainly not be enough to meet demand for overnight investments when quarter-end window-dressing kicks in next Tuesday. That was presumably deliberate on the Fed’s part – we are still in the testing phase for the Fed’s new tools, and the Fed needs to see how the new competitive bidding component of the overnight RRP facility works in practice. In the absence of additional tools, an overnight RRP facility that was limited to $300 billion would probably be inadequate to keep a floor under market rates once the tightening process begins. If so, the FOMC will have little choice but to raise the ceiling on aggregate awards. more »

Daily Press Summary (pdf)

ICAP's Inside Debt Report for Monday, Sep 22 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 »

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