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Overview: Tue, October 19

Daily Agenda

Time Indicator/Event Comment
08:30Housing startsSingle-family flat to up slightly in September, multi-family down
11:001- and 2-month bill announcementLikely unchanged at $25 billion apiece
11:0017-week CMB announcementAnother $35 billion offering expected
11:00Daly (FOMC voter)Gives introductory remarks at regional bank forum
11:30CMB auction$60 billion of 40-day bills
12:15Barkin (FOMC voter)
Participates in South Carolina Chamber of Commerce event
14:00Fed disc rate minutesNo change in rate policy recommended
14:50Bostic (FOMC voter)Discusses long-term unemployment
15:00Waller (FOMC voter)On the economic outlook

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for October 18, 2021

     

    Our newsletter is devoted to debt-ceiling/CMB minutiae again this week.  The Treasury on Friday afternoon confirmed that it had only $181 billion of conventional borrowing authority left after repaying its previous “extraordinary measures” last week, which probably means that it will have to invoke another round of accounting adjustments by early November.  The Treasury is making use of last week’s debt ceiling increase to issue a collection of relatively short-dated CMBs in October.  That will almost certainly require it to issue another set of CMBs in late November and early December – probably with somewhat longer maturities.

MMO Analysis