|08:30||Housing starts||Single-family starts and permits probably declined in August|
|08:30||US current account||Mild narrowing in the deficit in Q2|
|11:00||1- and 2-month bill announcement||No changes expected|
|11:00||17-week CMB announcement||No changes expected|
|13:00||20-yr bond (r) auction|
$24 billion offering
Today's Treasury coupon purchase schedule:
Last week’s tax flow data didn’t alter the debt ceiling outlook greatly. Revenue trends remain positive, but our tentative guess is still that the Treasury will hit a wall by the end of October. On the Fed front, we still expect this Wednesday’s FOMC statement to put the market on notice that a taper is likely as soon as November if economic trends remain positive.