Agenda
| Time | Indicator/Event | Comment |
| 00:00 | Monster employment index | Sluggish in June |
| 07:00 | MBA mortgage prch. index | Seasonal spike likely next week, but could dip this morning |
| 08:15 | ADP national employment report | Down 450K? |
| 09:45 | Fannie Mae bill auction | $1 billion in 3- and 6-month bills |
| 10:00 | ISM factory report | Still climbing back to breakeven |
| 10:00 | Construction spending | Declines are |
| 10:00 | Pending home sales | Flat after spike last month |
| 10:15 | Fed Treasury coupon purchase | August 2019 to February 2026 maturities |
| 11:15 | Evans (FOMC voter) | On the credit crunch and policy actions |
| 13:00 | Treasury cash management bill auction | $30 billion in 339-day bills |
| 15:00 | TSLF auction | $37.5 billion 15-day Schedule 2 operation |
| Dom & imp. auto sales | Flat to down in June | |
| Reserve maint. period ends |
Intraday Updates
The ADP employment index was in line with our forecast, and appears to be consistent with a steeper decline in nonfarm payrolls in June than in May.
The ISM factory survey was stronger than we expected in almost all respects, while the pending home sales report confirmed the previous month's improvement.
The construction spending report was a mixed bag, with a milder trend for 2009 as a whole but a larger decline in May than we had anticipated.
Auto sales for June continue to come in close to expectations. Our final projected SAAR for cars is 3.4 million units and for trucks is 3.8 million units. more »
Economic Indicators
The economic calendar really starts to heat up today. The ISM factory survey at 10:00 is the main event. Other items include the ADP employment report at 8:15, construction spending and pending home sales at 10:00 and auto sales spread over the course of the afternoon. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations The spike toward the end of yesterday's quarter-end session pushed the effective funds rate to a higher level than expected. We look for it to come down today, but only part-way. Also, the Fed is scheduled to hold a Treasury coupon purchase in the front half of the bond sector this morning and a Schedule 2 TSLF auction in the afternoon. more »
Fed Funds Monitor Fed funds data tables more »
Treasury Finance
The Treasury will sell a $30 billion 339-day CM bill today. The issue settles on Monday, and will mature on Thursday, June 10, 2010. more »
The Money Market Observer
Monday, Jun 29 This week's newsletter touches briefly on a handful of different topics: this Thursday's employment report, the apparent slowdown in the pace of Fed purchases of Treasuries, and the reasons why the Treasury might start to increase its TIPS offerings for the first time in five years this week. more »
Daily Press Summary (pdf)
Inside Debt Daily for Wednesday, Jul 1 The Inside Debt Daily provides relevant market news and market segment commentary from Thomson Reuters 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 »
Daily Press and Pricing Archive go »
