Agenda
| Time | Indicator/Event | Comment |
| 07:30 | NFIB index | Most responses came in the first half of September |
| 08:30 | Bernanke | On the financial rescue plan |
| 09:45 | Freddie Mac bill auction | $4 billion 3-part auction; inlcudes $1 billion in year-bills |
| 10:00 | IBD/TIPP consumer confidence index | Modest decline? |
| 11:00 | 4-week bill announcement | Treasury financing outlook remains extremely unclear |
| 12:30 | Plosser (FOMC voter) | At Global Interdependence Center |
| 13:00 | 3- and 6-month bill auction | A $1 billion reduction in the 3-month issue; $52 billion total offering |
| 14:00 | Fed disc rate minutes | Fewer regional rate hike requests in September? |
| 15:00 | TSLF announcement | $37.5 billion Schedule 2 operation expected |
| 16:00 | US budget | Record fiscal year deficit |
| 17:00 | ABC consumer comfort index | Still holding up? |
| 20:30 | Bullard (FOMC non-voter) | At Economic Club of Memphis |
| 22:00 | Yellen (FOMC non-voter) | On the economic outlook |
| Weekly chain store surveys | Moderate start to the October reporting cycle |
Intraday Updates
The shift in the focus of the Treasury's rescue plan from distressed assets to equity is likely to speed up the pace of disbursements in the fourth quarter and could, at the margin, alter the average maturity of the coupon securities that will be sold to fund the preferred share purchases. Also, our early comments on the details of the Fed's commercial paper funding facility. more »
Economic Indicators
This week’s economic calendar is densely packed. Retail sales, industrial production, housing starts and the monthly PPI and CPI reports are all due out by Friday. All major measures of real business activity on the calendar are expected to show declines for September, while the changes in the various price indexes are likely to range from moderate gains to outright declines. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations Our best guess is that the Desk will stay out of the market again on Tuesday, but we can't rule out either a reserve-adding or draining operation. more »
Fed Funds Monitor The outlook for the effective funds rate over the remainder of this month will depend on a mix of factors, including the degree of market strain and whether the Treasury raises enough SFP cash to sop up some of the current reserve surplus. Friday’s unexpectedly low effective rate has shifted the outlook for the remainder of the month down sharply. more »
Treasury Finance
There is potential for additional unscheduled offerings this week, both in the form of SFP offerings in the bill sector and in the form of snap reopenings in the note sector. more »
The Money Market Observer
Monday, Oct 13 Monday morning’s announcement of unlimited dollar funding operations at pre-determined interest rates by major foreign central banks should eliminate any concern about the ability of eligible participants to cover their dollar funding needs. Some important details are still to be determined, including where the administered rates on these operations will be set, and how the Fed’s own TAF operations will fit into the picture. This week’s newsletter takes a look at the uncertain implications of the latest liquidity initiatives for LIBOR, and also at the need for additional sterilization tools for the Federal Reserve. more »
Daily Press Summary (pdf)
ICAP's i-Recap Report for Tuesday, Oct 14 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 »
