Agenda
| Time | Indicator/Event | Comment |
| 08:30 | Plosser (FOMC voter) | On the economy |
| 10:00 | OFHEO house price index | Another large decline in May |
| 10:00 | Richmond Fed index | Minimal improvement in July |
| 11:30 | 4-week bill auction | Down $6 billion to $28 billion |
| 13:00 | 20-yr (r) TIPS auction | An unchanged $6 billion reopening |
| 14:00 | Fed disc rate minutes | Regional rate hike recommendations? |
| 17:00 | ABC consumer comfort index | Stable in recent weeks |
| Weekly chain store surveys | Soft in mid-July |
Intraday Updates
The Richmond Fed survey continued to slide this month, with both the headline and the ISM-weighted indexes falling to five-year lows. more »
Economic Indicators
This week’s light economic calendar continues today with the Richmond Fed’s factory survey for July. more »
Fed Policy
The minutes of the Fed's discount rate meetings for May and June may indicate that some regional boards of directors were leaning toward a rate hike last month. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We expect the Desk to arrange a large overnight RP and a $20 billion 28-day MBS operation for forward delivery tomorrow. more »
Fed Funds Monitor We see the funds rate starting the day firm, with a mild dip over the second half of the session bringing the effective rate for the day as a whole to the vicinity of target. more »
Treasury Finance
The Treasury has another auction double-header on tap today. It will sell $28 billion of 4-week bills at 11:30 and $6 billion of reopened 20-year TIPS at 1:00. more »
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 »
Daily Press Summary (pdf)
ICAP's i-Recap Report for Tuesday, Jul 22 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 »
