Agenda
| Time | Indicator/Event | Comment |
| 09:00 | S&P/Case-Shiller home price index | Similar to last month's decline |
| 10:00 | Consumer confidence | Small increase possible |
| 10:00 | TAF notification | Strong demand for funding |
| 13:00 | 1-month and year-bill auction | $28 billion and $19 billion offerings, respectively |
| 17:00 | ABC consumer comfort index | Stable lately |
| Weekly chain store surveys | Soft in late July |
Intraday Updates
The fall in home prices continued to decelerate faster than expected in this morning's S&P/Case-Shiller report for May.
There were no major surprises in either the consumer conference report or the TAF results this morning. more »
Economic Indicators
This morning’s economic calendar features the Reuters/Case-Shiller home price index and the Conference Board’s consumer confidence survey. Both reports seem likely to be somewhat less weak than recent editions, but the improvement is purely relative. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We think the Desk will add slightly more than the $11.75 billion running off this morning, most likely with a 3-day RP. Also, we expect this morning's TAF results to show a small increase in the stop-out rate from two weeks ago. more »
Fed Funds Monitor We look for funds to follow a high-to-low trajectory again today, resulting in a daily effective rate at or slightly below target. more »
Treasury Finance
Today’s 4- and 52-week bill sales will be the final two items in the extraordinary collection of offerings settling on July 31. All told, the Treasury will have sold seven different maturities (four bills, two notes, and one TIPS bond) totaling $152 billion in gross terms and $51 billion in net terms. (The net figure includes the redemption of a $9 billion cash management bill.) more »
The Money Market Observer
Monday, Jul 28 The newswires will be full of forbidding fiscal headlines on Monday. OMB will release its Mid-Session Review of the budget, which is almost certain to predict record deficits for this year and next. The Treasury will publish its projections quarterly borrowing needs in the afternoon, which are likely to be roughly twice as large as the average of recent years. As discussed last week, we think the deteriorating fiscal outlook is likely to prompt the Treasury to expand its issuance in the 10-year sector in the coming months. more »
Daily Press Summary (pdf)
ICAP's i-Recap Report for Tuesday, Jul 29 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 »
