The daily pattern of tax collections last week differed significantly from our forecast, but the cumulative total was only modestly stronger than we expected.  The outlook for the remainder of the month remains very uncertain, however.  Looking ahead to the inaugural Treasury buyback announcement that is due to be included in next Wednesday’s refunding statement, this week’s MMO recaps our earlier discussions of the proposed program.  Finally, the Fed’s semiannual financial stability report on Friday afternoon included some interesting details on BTFP usage, which was even more broadly based than we would have guessed.