Agenda
| Time | Indicator/Event | Comment |
| 07:00 | MBA mortgage prch. index | New high for the refi index? |
| 08:15 | ADP national employment report | Minimal increase |
| 09:00 | Tsy quarterly refunding announcement | Intermediate coupons still falling, more TIPS fine-tuning? |
| 09:45 | Fannie Mae bill auction | $2 billion in 3- and 6-month bills |
| 10:00 | ISM non-mfg report | Slight decline |
| 10:00 | Treasury press conference webcast | Background on the Treasury's borrowing plans |
| 11:30 | Treasury SFP-CMB auction | $25 billion in 56-day bills |
Intraday Updates
[8:30 Data] The ADP employment report was slightly stronger than we anticipated, but the surprise was not large enough to alter the outlook for Friday's payroll data.
[9:00 Release] The Treasury's quarterly refunding announcement included no major surprises. The Treasury anticipates that reductions in the note sector will continue at a gradual pace. Decisions about further adjustments to the TIPS auction schedule were deferred until November.
[10:00 Data] The ISM's non-manufacturing survey was even more of a pleasant surprise than its factory counterpart. more »
Economic Indicators
Today’s economic calendar is limited to private sector indicators. The ADP employment report is due at 8:30, and will be followed by the ISM non-manufacturing survey at 10:00. We don’t expect either report to deviate much from the previous month’s level. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations The New York Fed’s Open Market Desk will resume its reverse repo testing this week. more »
Fed Funds Monitor Fed funds data tables more »
Treasury Finance
In addition to rolling over its routine $25 billion SFP bill this morning, the Treasury will hold its quarterly financing conference this morning at 9:00. more »
The Money Market Observer
Monday, Aug 2 This week’s newsletter is a follow-up to last week’s discussion of the federal government’s borrowing needs in FY 2011. We expect the Treasury’s quarterly financing estimates on Monday afternoon to suggest that borrowing in the current quarter will be close to last year’s level, but that borrowing in the October-December period will be significantly above the year-ago level. This week’s issue also discusses prospective changes in the Treasury’s debt service cash-flow patterns in the coming quarters, which will sharply reduce the importance of the month-end note packages as a source of new cash for the government by early next year. more »
Daily Press Summary (pdf)
Inside Debt Daily for Wednesday, Aug 4 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 »
