Agenda
| Time | Indicator/Event | Comment |
| 08:30 | Chicago Fed NAI | Slightly less negative |
| 09:45 | Freddie Mac bill auction | $3 billion 3-part auction; includes $1 billion year-bill |
| 10:00 | Leading indicators | Snapping a two-month winning streak |
| 11:00 | 2- and 5- yr note announcement | On the rise again |
| 11:00 | 4-week bill announcement | A reduction expected |
| 11:30 | Treasury cash management bill auction | $9 billion in 9-day bills |
| 13:00 | 3- and 6-month bill auction | An unchanged $47 billion offering |
The Money Market Observer
Monday, Jul 21 FOMC members made more waves last week with tough talk on inflation, but Chairman Bernanke’s Congressional testimony indicated that he was well aware of the significant challenges facing the economy. This week’s newsletter looks at the Fed's current stance in the context of the charge that policy was too easy for too long in previous cycles.
Also, this week’s issue discusses some of the questions in the Treasury’s agenda for this week’s dealer meetings. Rising federal borrowing requirements are creating a need for a further expansion of the Treasury’s auction calendar. We think a move to monthly 10-year note sales is a likely next step in the Treasury’s ongoing response to a changing fiscal environment. more »
Intraday Updates
The Chicago Fed's national activity index improved modestly on a one-month basis in June as expected, but the upturn is likely to be brief. more »
Economic Indicators
This week’s calendar is relatively light. Durable goods and the new and existing home sales reports at the end of the week are the major items of interest. Other reports in the line-up include the final July consumer sentiment report from the University of Michigan, the Richmond Fed’s factory survey and the beige book prepared for the August 5 FOMC meeting. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We look for an overnight RP of $10 billion or slightly smaller this morning. more »
Fed Funds Monitor Our guess is that the generally soft tone from before the weekend will carry over to today's session. more »
Treasury Finance
The Treasury has an exceptionally active financing calendar this week. Today’s line-up features two auctions (a CM bill and the regular 3- and 6-month bills) and two announcements (the 4-week bill and the July 2- and 5-year notes). more »
Daily Press Summary (pdf)
ICAP's i-Recap Report for Monday, Jul 21 The i-Recap report provides relevant market news from Dow Jones Newswires 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 »
i-Recap Report Archive go »
