Agenda
| Time | Indicator/Event | Comment |
| 08:30 | Housing starts | Down again in September |
| 10:00 | Bullard (FOMC non-voter) | On economic policy panel |
| 10:00 | U. Michigan cons. sent., early | Partial reversal of recent gains |
| 11:30 | Treasury SFP-CMB auctions | $30 billion of 74-day bills and $30 billion of 94-day bills |
| 14:00 | Evans (FOMC non-voter) | On the economic outlook |
Intraday Updates
Housing starts and building permits and the Reuters/University of Michigan consumer sentiment report turned out to be just as dismal as the other indicators released this week. more »
Economic Indicators
We should see more weakness in the economic data, but it may be less pronounced than in some other recent reports. While the risks are on the downside in this morning’s housing starts report, we look for declines this month of just 1% to 2% in starts and permits. The Reuters/University of Michigan consumer sentiment index is likely to fall, but we expect it to remain well above the levels in the mid-50s seen when gas prices were near their peaks in the summer. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations The Desk appears to have plenty of room to increase the size of its draining operations, but we think it will limit itself to another reverse RP of about $25 billion. more »
Fed Funds Monitor With the reserve surplus likely to become even larger, we expect today's effective rate to fall at least as low as yesterday's. more »
Fed Data The Fed's weekly banking data continue to be full of news for the market. Excess reserves soared to a new record in the latest week. Foreign official holdings of GSE securities continued to decline, while delivery failures at dealers remained stuck at a stratospheric level that will increasingly attract the attention of regulators. more »
Treasury Finance
The Treasury will cap a busy week with the sale of $60 billion of SFP bills today, evenly divided between 74- and 94-day maturities. 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 Friday, Oct 17 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 »
