|Presidents' Day Holiday|
We expect the Empire State factory index to remain stable at levels just above breakeven in February. Our guess is that the NAHB housing activity index will move a couple of points higher to a level of 77 this month.
Today’s Fed purchase: $1.6 billion of coupons maturing within 9-months
Today’s bill announcements: 1- and 2-month bills
Today’s bill auctions: 3- and 6-month bills and cash management bills
This week’s Money Market Observer covers a grab bag of topics: near-term bill issuance, the early (and inconclusive) results of the tax refund season to date and the Fed’s oversubscribed term repo operations. We wrap up with our quarterly tables of major domestic and foreign holders of reserve balances at the Fed.