Overview: Wed, January 23

Daily Agenda

Time Indicator/Event Comment
07:00MBA mortgage prch. indexMay level off or decline after big jumps the last two weeks
09:00FHFA house price indexLong string of gains in jeopardy in November
10:00Richmond Fed indexSome recovery after big drop last month
15:00Treasury investor class auction dataMid-January data

Intraday Updates

US Economy

  • Economic Indicator Preview for Wednesday, January 23, 2019

    The FHFA purchase-only house price index could break its streak of 81 consecutive monthly increases in this morning’s report for November.  The Richmond Fed manufacturing survey was the weakest of the regional reports in December, and we expect only a slight improvement this month.

Federal Reserve and the Overnight Market

This Week's MMO

  • MMO for January 21, 2019

    The OFR’s monthly money fund monitor provided more detail about the surge in RP volumes that took place over year-end.  To nobody’s surprise, the FICC sponsored repo program was a critical conduit for the increase in volume, though large domestic dealers made more balance sheet available as well.  

    Note:  We have posted a correction to the section on the use of agency collateral in the sponsored repo program.

MMO Analysis