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Overview: Mon, May 19

Daily Agenda

Time Indicator/Event Comment
08:30Bostic (FOMC non-voter)Gives opening remarks at Atlanta Fed conference
08:45Jefferson (FOMC voter)Gives keynote address at Atlanta Fed conference
08:45Williams (FOMC voter)Speaks at mortgage bankers event
10:00Leading indicators Biggest monthly drop in two years in April
11:3013- and 26-wk bill auction$76 billion and $68 billion respectively
13:15Logan (FOMC non-voter)Takes part panel discussion on role of nonbank institutions
13:30Kashkari (FOMC non-voter)Takes part in moderated discussion

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for May 12, 2025

     

    The Treasury’s latest debt ceiling update on Friday afternoon was relatively pessimistic.  It urged Congress to address the debt limit by mid-July to avoid potential complications during the scheduled Congressional recess in August.  Our own point estimate continues to be that the Treasury will have enough resources to operate into the first half of September, but point estimates are unreliable this far in advance.  We wouldn’t contest the Treasury’s view that there is a “reasonable chance” that the crunch could come before Labor Day.  Also, this week’s newsletter includes our quarterly tables of foreign bank holdings of reserve balances.  The latest filings suggest that FBOs continue to hold a substantial amount of surplus cash at the Fed that would likely melt away when reserve market conditions tighten in the later stages of the normalization process.

MMO Analysis