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Overview: Mon, September 28

Daily Agenda

Time Indicator/Event Comment
10:30Dallas Fed manufacturing surveyModest improvement expected this month
11:303- and 6-month bill auctionUnchanged at $54 billion and $51 billion respectively
14:00Mester (FOMC voter)Participates in econmic equality webinar
15:00Fed outright purchase schedule announcementSchedule for upcoming two-week period

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for September 21, 2020

    The size of the Fed’s foreign official repo pool fell below $200 billion last week for the first time since 2015.  We expect some additional shrinkage in the months ahead, with foreign central banks continuing to substitute Treasury bills for RRP balances in their liquidity portfolios.  The medium-term outlook is less certain.  By next year, the Fed may welcome growth in its non-reserve liabilities as its balance sheet balloons, and might be willing to consider more generous terms for the foreign pool.

MMO Analysis