Agenda
| Time | Indicator/Event | Comment |
| 07:00 | Rosengren (FOMC non-voter) | On the banking crisis |
| 08:01 | Milwaukee PMI | Down modestly |
| 08:30 | Personal consumption | Minimal gain in real spending |
| 09:05 | Bullard (FOMC non-voter) | On the economy |
| 09:45 | Chicago PMI | Up modestly? |
| 09:55 | U. Michigan cons. sent., late | Flat to up slightly from early June level |
| 10:15 | Fed Treasury coupon purchase | June 2018 to May 2020 maturities |
Intraday Updates
[8:30 Data] The downward revisions to March and April PCE will pull the consensus forecast for Q2 GDP below 2%.
[9:45 Data] The private-sector regional factory surveys published this morning were stronger than expected, and offset some of the weakness in the Fed surveys released earlier in the month.
[9:55 Data] The Reuters/University of Michigan consumer sentiment index slipped another point in the final report for June. more »
Economic Indicators
This morning’s calendar features the May PCE report, the final round of regional manufacturing surveys and the Reuters/University of Michigan consumer sentiment index. more »
Federal Reserve Operations & the Overnight Market
Fed Open Market Operations The Fed will conduct a purchase of 6- to 8-year maturities this morning and announce the first monthly operaton schedule for the six-month extension of Operation Twist in the afternoon. more »
Overnight Funding Monitor Daily GCF repo forecasts more »
Fed Data Reserve balances began to rebound from their mid-June trough in the latest week. We expect total reserve balances to move back above $1.50 trillion by the end of the first week of July. The June 22 spike in GSE balances at the Fed appears to have been roughly in line with expectations. The monthly peak in MBS delivery fails in June was somewhat larger than in recent months, but was far below the levels routinely reached in the 2009-11 period. more »
Treasury Finance
Treasury cash flows table more »
The Money Market Observer
Monday, Jun 25 The Fed's Open Market Desk had to scramble to come up with the $267 billion of short-term Treasuries that the FOMC wants to liquidate in Phase II of Operation Twist. To do so, the Desk extended the maturity window for its sales in both directions, by including bill redemptions at the front end and coupon sales in maturities as long as 39 months at the back end. This week’s newsletter discusses the technical details of the sales side of Operation Twist 2.0, and also takes another look at factors other than Operation Twist that may have contributed to the recent rise in overnight repo rates. more »
Daily Press Summary (pdf)
ICAP's Inside Debt Report for Friday, Jun 29 ICAP's Inside Debt provides relevant end-of-day news summaries and market sector commentary from Reuters for the FOREX, Treasuries, Corporates and Equities markets, a 3 pm EST market snapshot pricing of all market sectors from ICAP and economic data from Wrightson ICAP in a take-home, easy-to-read format. Download a PDF file of the most recent report now. go »
Daily Press Summary Archive go »
