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Overview: Tue, November 29

Daily Agenda

Time Indicator/Event Comment
09:00S&P CoreLogic Case-Shiller HPI Another big decline likely in September
09:00FHFA house price indexAnother big decline likely in September
10:00Consumer confidenceLittle change expected this month
11:004-, 8- and 17-week bill announcementNo changes expected
11:30Year-bill auction$34 billion offering
14:00Fed disc rate minutesNew York, Philadelphia and Kansas City did not initially request a 75 bp hike in November

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for November 28, 2022

     

    The Treasury last week hunkered down some more in preparation for debt ceiling constraints in December.  We’re still uncertain whether the Treasury might be able to take advantage of “extraordinary” accounting measures in the coming weeks, but its actions thus far suggest that it is preparing for the possibility (or likelihood?) that it might have to live within the constraints of the current debt limit for some time to come.  We may get more clarity this week.  Our guess is that the Treasury will announce a new CMB ON Thursday to replace the 16-day bill that is running off on December 8.  The size and tenor of any new CMB may give us some sense of how the Treasury views the debt-limit constraints it faces between now and January.

MMO Analysis