|11:30||3- and 6-month bill auction||$57 billion and $54 billion respectively|
Selected upcoming economic indicator highlights
Today's Treasury coupon purchase schedule:
Today's bill auctions: 3- and 6-month bills
The renewed strength in average hourly earnings in the May employment report suggests that the risks in this week’s CPI data may be tilted more to the upside than we had assumed. The volatility in the hourly earnings data over the past couple of months suggests that this year’s extraordinary business conditions has changed wage- and (potentially) price-setting behavior more than we had guessed.
This week’s newsletter also includes a couple of quick follow-ups to last week’s discussion of the distribution on bank reserve holdings and overnight Fed RRP usage.