Daily Summary

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for Wednesday, April 23, 2014

Agenda

TimeIndicator/EventComment
07:00MBA mortgage prch. indexDoing better so far in April
09:45Markit US PMILittle change from solid March reading
09:45Fannie Mae bill auctionWeekly bill auction
10:00New home salesMild uptick expected in March
10:15Fed Treasury coupon purchaseMay 2021 to February 2024 maturities
13:005-yr note auctionSteady at $35 billion
 Freddie Mac note announcementMonthly scheduled announcement

Intraday Updates

[9:45 Data]  As expected, the Markit flash PMI for the factory sector held roughly steady at a solid level in April.

[10:00 Data]  The new home sales series slumped in March, but the data probably don't tell us much about the state of the housing market. more »

Economic Indicators

The economic data calendar is light again today. The main features are the flash Markit PMI for April, which we expect to be steady at a relatively healthy level, and new home sales for March, which might improve slightly from a presumably weather-constrained February reading. more »

Federal Reserve Operations & the Overnight Market

Fed Open Market Operations The Fed will continue its Treasury buybacks today with an operation covering the 7- to 10-year maturity range. more »

Overnight Funding Monitor Daily GCF repo forecasts more »

Treasury Finance

The Treasury will sell $35 billion of 5-year notes today. more »

The Money Market Observer

Monday, Apr 21 The Treasury’s discussion agenda for this quarter’s dealer meetings asks for comments about the Treasury’s use of scheduled reopenings in the 10-year note and 30-year bond. The current pattern of reopenings could lead to cash management problems for the Treasury in the long run. There is a strong argument for continuing to use scheduled reopenings in the 30-year sector, but a monthly new-issue schedule for the 10-year note might be an option at some point in the future. more »

Daily Press Summary (pdf)

ICAP's Inside Debt Report for Tuesday, Apr 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 »

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