|09:00||Williams (FOMC voter)||Gives opening remarks at conference at culture event|
|10:00||ISM manufacturing PMI||Roughly steady at a high level in February|
|10:00||Construction spending||Moderate increase in January|
|11:30||3- and 6-month bill auction|
|14:00||Bostic (FOMC voter), Kashkari and Mester (non-voters)||Take part in virtual panel on racism and economy|
The February ISM manufacturing survey and the January construction spending report are both scheduled for release at 10:00 this morning.
Today's Treasury coupon purchase schedule:
The Treasury chose not to “moderate” the pace of its bill paydowns this week. The market supply of bills will fall by $96 billion this week, and is now on track to shrink by an average of more than $50 billion a week in March. We think the Treasury will have to increase the size of its gross bill offerings at some point relatively soon. If the House reconciliation bill passes in its current form, net bill issuance will turn positive again at some point in the second quarter. If, in addition, the Administration were to embrace proposals to delay the annual tax filing deadline from April to July for a second consecutive year, Treasury bill issuance would have to ramp up even faster this spring to cover the shortfall.