|08:30||Durable goods||Moderate increase in July|
|08:30||Chicago Fed NAI||Eight straight below-trend reading in July|
|10:30||Dallas Fed manufacturing survey||Little change expected this month|
|11:00||Fed outright Treasury coupon purchase||$2.225 billion purchase covering 3- to 4.5-year maturities|
|11:30||3- and 6-month bill auction|
We estimate that durable goods orders rose 1.8% in July. The Chicago Fed’s national tracking index seems to be on track for its eight-consecutive below-trend reading.
The market will have its hands full with Fed news this week. The FOMC minutes on Wednesday may include a progress report on the Fed’s internal discussion over the possibility of a standing repo facility. Chair Powell’s Friday morning speech on monetary policy challenges will probably take a step back from current market turbulence and focus on more conceptual issues, but it’s difficult to disentangle the short- and long-run outlooks completely at present. Separately, this week’s issue includes a quick note on June 30 holdings of reserve balances at large domestic banks (there’s a new name atop the leaderboard) and our regular monthly money fund repo chartbook.