Agenda
| Time | Indicator/Event | Comment |
| 09:45 | Freddie Mac bill auction | $3 billion in 3-and 6-month bills |
| 10:00 | TAF auction | $125 billion 84-day operation |
| 11:00 | 4-week bill announcement | Moderate reduction to $30 billion expected |
| 13:00 | 3- and 6-month bill auction | $1 billion reduction in 6-month bill; $62 billion offering |
| 14:00 | US budget | CBO expects $97 billion deficit |
The Money Market Observer
Monday, Jul 13 The Treasury published its monthly report on auction allotments on Friday afternoon, which confirmed the role of central banks in boosting the level of indirect tenders in recent note and bond sales. The allotments data did not, however, shed any light on how much of the increase in indirect tenders was due to changes in reporting requirements rather than an increase in demand. more »
Economic Indicators
This week’s economic calendar will be as heavy as last week’s was light. There are no major indicators on tap this morning, but the rest of the week is crowded. Retail sales, the PPI and CPI, industrial production, housing starts and the first round of July factory surveys are all due in the days ahead. The all-items indexes in the price reports will be strong and the factory surveys should be encouraging, but retail sales and industrial production will sound a more cautionary note. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations We are introducing a new table of short-run forecasts of daily reserve balances this morning. These forecasts will be subject to frequent revisions and larger misses than we would like, but they are probably the most efficient way of summarizing the available information about likely day-to-day movements in reserve availability.
Today’s TAF auction is one of the drivers of our forecasts for reserve balances this week. We have assumed a net run-off of $50 billion of term auction credit here and abroad this week, which will reduce the level of excess reserves later in the week. more »
Fed Funds Monitor Fed funds data tables more »
Treasury Finance
In addition to its regular bill activity today, the Treasury is likely to announce its first SFP bill auction in more than a month this morning. The Treasury has a $35 billion 70-day bill coming due on Thursday, and is likely to announce a replacement for the maturing bills. more »
Daily Press Summary (pdf)
Inside Debt Daily for Monday, Jul 13 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 »
