Agenda
| Time | Indicator/Event | Comment |
| 08:30 | GDP | Better, but only slightly above trend |
| 09:55 | U. Michigan cons. sent., late | Little additional improvement after big jump in early January |
| 10:00 | Dudley (FOMC voter) | On the regional economy in NY |
| 10:15 | Fed Treasury coupon sale | March 2014 to January 2015 maturities |
Intraday Updates
[8:30 Data] The composition of Q4 GDP was weaker than we expected, but does not alter the outlook for Q1 growth greatly.
[9:55 Data] The Reuters/University of Michigan consumer sentiment index beat our expectations yet again in the final January report. more »
Economic Indicators
The economic calendar is not quite as dense today as it was yesterday. The highlight is GDP at 8:30, which may not be quite as strong as the market anticipates. The schedule also includes the Reuters/University of Michigan consumer sentiment index at 9:55. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations This morning’s operation covering the 2 ½- to 3-year maturity sector will be the final outright sale of January. more »
Fed Funds Monitor Fed funds data tables more »
Fed Data Unexpectedly large swings in GSE deposits created some volatility in reserve balances relative to our forecasts last week. The amount of Treasury debt held in custody by the Fed for foreign official institutions climbed for the second week in a row. The level of MBS delivery fails after the Class A settlement date was low by recent standards, reflecting dealer efforts to prepare for the new fails charge in that sector. more »
Treasury Finance
Treasury cash flows table more »
The Money Market Observer
Monday, Jan 23 The Fed cleared up much of the uncertainty about the format of its new policy projections on Friday by publishing a template for the charts that will be added to its projections package on Wednesday this week. Rate expectations will be expressed in terms of year-end values rather than fourth quarter averages, and FOMC members’ forecasts for the timing of the first rate hike will be lumped together by year. There was no mention of the “narrative” with “qualitative information” about the FOMC’s balance sheet expectations, which suggests that we will have to wait until the minutes are released on February 15 to learn more about the Fed’s balance sheet plans. (Chairman Bernanke may provide some hints in his press conference.) The fate of the “mid-2013” guidance remains a major uncertainty. We think the Fed is likely to remove any specific calendar references from the statement this week, but market opinions appear to vary on that subject. more »
Daily Press Summary (pdf)
Inside Debt Daily for Friday, Jan 27 The Inside Debt Daily provides relevant market news and market segment commentary from Thomson Reuters and data from ICAP and Wrightson ICAP in a take-home, easy-to-read format highlighting key developments which could impact the capital markets the ensuing trading day. Download a PDF file of the most recent report now. go »
Daily Press and Pricing Archive go »
