| Time | Indicator/Event | Comment |
|---|---|---|
| 07:00 | MBA mortgage prch. index | Higher rates in latest week could hurt |
| 08:30 | PPI | Not as soft as the CPI |
| 08:30 | Empire State mfg | Moderately positive again this month |
| 08:45 | Williams (FOMC voter) | Gives keynote remarks |
| 10:00 | Warsh (FOMC voter) | Delivers semi-annual report to Senate |
| 11:00 | Treasury buyback announcement (liq support) | Nominal coupons 20Y to 30Y |
| 11:30 | 17-wk bill auction | $72 billion offering |
| 13:00 | Cook (FOMC voter) | On the economic outlook |
| 14:00 | Beige book | Continued growth since the last FOMC meeting |
| 18:30 | Musalem (FOMC non-voter) | Gives opening remarks |
Treasury Highlights for Wednesday, July 15, 2026
Economic Indicator Preview for Thursday, July 16, 2026
The June retail sales report and the weekly jobless claims data are due at 8:30 this morning. The NAHB housing market index for July and the June pending home sales report will be published at 10:00.
Last week’s FOMC minutes did not change the near-term policy outlook significantly but did document a pivot to “scenario analysis” in the way the FOMC is framing its discussions. We expect this to be a more prominent feature in Fed communications going forward. Also, the Fed will announce its monthly bill purchase schedule for the July-August cycle on Monday. We look for an unchanged $10 billion of “reserve management purchases”, but the Fed has stressed that any short-term adjustments in that amount will reflect technical adjustments rather than any fundamental changes in balance sheet strategy (for now). We also include a few comments about the new Fed task forces, including the balance sheet strategy group.
