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Overview: Mon, July 22

Daily Agenda

Time Indicator/Event Comment
08:30Chicago Fed NAIOnly modest improvement expected in June
11:303- and 6-month bill auctionSteady at $36 billion apiece
15:00Treasury investor class auction dataMid-July data

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for July 15, 2019

    This week’s newsletter has three distinct sections.  The Treasury on Friday bumped the debt ceiling up to the top of the agenda by sending Congress a letter flagging the possibility that the government might run out of cash earlier than expected.  On the Fed policy front, Chair Powell’s congressional testimony reinforced market expectations of a quarter-point rate cut at the end of the month.  In that context, we take a look at last week’s market speculation that the Fed might also tweak the IOER within the target range again at this meeting.  Finally, the minutes of the June FOMC meeting reported an extensive (and, for now, inconclusive) discussion of the pros and cons of a standing repo facility.

MMO Analysis