Agenda
| Time | Indicator/Event | Comment |
| 07:00 | MBA mortgage prch. index | Another new low for the year |
| 08:15 | ADP national employment report | Another decline in private employment |
| 09:00 | Tsy quarterly refunding announcement | Increased longer-dated issuance? |
| 09:45 | Fannie Mae bill auction | $3 billion 2-part auction |
| 09:45 | Freddie Mac bill auction | $1 billion in 1-month bills |
| 10:00 | Treasury Press Conference Webcast | http://www.yorkmedia.com/treasury/webcasts2008.html |
| 13:00 | TSLF announcement | $50 billion Schedule 2 rollover expected |
| Reserve maint. period ends |
Intraday Updates
The ADP employment report predicted growth in private payrolls -- again.
This morning's package of liquidity initiatives from the Fed will have little impact on the Fed's balance sheet but should be positive for market conditions.
The Treasury's refunding announcement was in line with expectations. more »
Economic Indicators
There will be a lull in the statistical calendar before tomorrow and Friday’s flood of economic data. The ADP employment report is the only major indicator on today’s schedule. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We look for a large overnight RP on today's maintenance period statement date. more »
Fed Funds Monitor Funds are likely to be very firm early in the session, but we think gradual softening over the course of the day will result in an effective rate in the neighborhood of target. more »
Treasury Finance
The Treasury’s quarterly financing press conference this morning will cover the details of next week’s refunding auctions as well as any changes to the auction schedule the Treasury is considering for the future. 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 Wednesday, Jul 30 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 »
