|Harker (FOMC non-voter)
|On economic impact of higher education
|13- and 26-wk bill auction
|$79 billion and $70 billion offerings
Last week’s FOMC minutes didn’t tell us much about the policy outlook. The Fed itself doesn’t know when it will be ready to cut rates, so there isn’t much concrete guidance that it can provide at this stage. On the fiscal front, there is a risk that Congress may stumble into a partial government shutdown this week. The broader economic consequences would be limited (though the economic release schedule could be disrupted in some circumstances). Finally, tax refund issuance surged after a slow start last week.