|07:00||MBA mortgage prch. index||May level off or decline after big jumps the last two weeks|
|09:00||FHFA house price index||Long string of gains in jeopardy in November|
|10:00||Richmond Fed index||Some recovery after big drop last month|
|15:00||Treasury investor class auction data||Mid-January data|
The FHFA purchase-only house price index could break its streak of 81 consecutive monthly increases in this morning’s report for November. The Richmond Fed manufacturing survey was the weakest of the regional reports in December, and we expect only a slight improvement this month.
The OFR’s monthly money fund monitor provided more detail about the surge in RP volumes that took place over year-end. To nobody’s surprise, the FICC sponsored repo program was a critical conduit for the increase in volume, though large domestic dealers made more balance sheet available as well.
Note: We have posted a correction to the section on the use of agency collateral in the sponsored repo program.