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Overview: Tue, February 11

Daily Agenda

Time Indicator/Event Comment
06:00NFIB indexExpect a partial reversal of December's jump
08:50Hammack (FOMC non-voter)On the economic outlook
10:00Powell (FOMC voter)Delivers semi-annual testimony to Senate Committee on Banking, Housing and Urban Affairs
11:004-, 8- and 17-wk bill announcementPossible ad hoc CMB
11:00Treasury buyback announcement (liq support)Nominal coupons 1M to 2Y 
11:306-wk bill auction$84 billion offering
13:003-yr note auction$58 billion offering
15:30Williams (FOMC voter)Speaks at Pace University
15:30Bowman (FOMC voter)At bankers conference in Iowa

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for February 10, 2025

     

    The February quarterly refunding announcement was relatively uneventful, which was a rarity in the Treasury’s broader orbit last week.  There were, however, a few points of interest.  The Treasury signaled that coupon offering sizes were likely to remain on hold at least until early 2026.  It also warned that debt ceiling constraints might continue to lead to increased volatility in bill supplies in the near term.  In light of that guidance, we now expect another off-cycle CMB announcement in the coming week or two.

MMO Analysis