Overview: Wed, March 22

Daily Agenda

Time Indicator/Event Comment
07:00MBA mortgage prch. indexMild increases the last two weeks, but still very soft
11:3017-week bill auction$36 billion offering
14:00FOMC meeting announcementQuarter-point rate hike -- probably
14:00FOMC economic projectionsDots still drifting up
14:30FOMC press conferenceGuidance may be guarded, but not hawkish
15:00Treasury investor class auction dataMid-March data

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for March 20, 2023


    This week’s newsletter covers a grab-bag of technical topics, including Sunday’s daily dollar liquidity auction announcement, the flows out of (and back into) the FDIC’s deposit insurance fund following the collapse of SVB, the Treasury’s ESF backstop for the Fed’s new term bank lending facility, and the maturity composition and regional distribution of last week’s surge in domestic Fed lending.  We wrap up with some brief comments about the relative increase in the supply of and demand for reserves last week.  (Spoiler alert:  the net impact was probably not expansionary.)

MMO Analysis