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Overview: Tue, October 15

Daily Agenda

Time Indicator/Event Comment
08:30Empire State mfgPartial reversal of September's surprising jump
11:004-, 8- and 17-wk bill announcementNo changes expected
11:00Treasury buyback announcement (liq support)Nominal coupons 3Y to 5Y
11:00FRBNY survey of consumer expectationsLow and stable inflation expectations
11:3013- and 26-wk bill auctionSteady at $81 billion and $72 billion respectively
11:30Daly (FOMC voter)Delivers keynote remarks
13:006-wk bill auctionUnchanged at $80 billion
14:00Fed disc rate minutesOnly one regional Fed requested a half-point rate cut last month

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for October 14, 2024

     

    On Thursday, the Fed will introduce a new monthly report covering one of its hitherto unpublished reserve-adequacy indicators:  its internal daily estimates of the near-term elasticity of the reserves demand curve.  The general theme of the indictors on the Fed’s bank liquidity dashboard this year has been “no news is good news” and we expect that to be true of the new reserves elasticity update as well.  This week’s newsletter also looks at the quarterly data on domestic bank activity in the fed funds market that were released last week as well as the anomalous drop in FBO holdings of reserve balances in the H.8 report that was released on Friday.  The decline in FBO cash assets is almost certainly a one-week fluke – but we’ll play close attention to the coming week’s report just to make sure.

Federal Reserve Commentary

MMO Analysis