Agenda
| Time | Indicator/Event | Comment |
| 08:30 | Durable goods | Flat |
| 10:00 | U. Michigan cons. sent., late | Flat |
| 10:00 | New home sales | Falling |
Intraday Updates
Durable goods orders held up reasonably well in June given the economic climate.
The Reuters/University of Michigan consumer sentiment and new home sales reports were both much better news than expected. more »
Economic Indicators
This morning’s statistical line-up includes two of the most erratic indicators on the monthly economic calendar: durable goods and new home sales. Our guess is that durables will be flat to down slightly and that new home sales will fall back to a new low for the cycle, but there is always potential for surprises in these reports. In the Reuters/University of Michigan consumer sentiment report, the most important thing to watch is whether the inflation expectations measures respond favorably to the recent reversal in gasoline prices. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We look for a moderate weekend RP, but the Desk appears to have the option of extending the term of today's operation up to 7 days. more »
Fed Funds Monitor We expect the tightness from the past two days to carry over to today's session. more »
Fed Data There was plenty to talk about in yesterday’s Fed data. Discount window borrowing climbed to another new high in weekly average terms as banks continued to take advantage of the generous term funding option offered by the Fed. Yesterday’s TSLF auction saw exceptionally strong demand, indicating a willingness by dealers to make use of the facility to finance GSE securities either for their own or customers’ accounts. The Fed’s custody accounts, in contrast, suggested that foreign official institutions became warier of GSE exposures last week. 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 Friday, Jul 25 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 »
