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Overview: Mon, March 01

Daily Agenda

Time Indicator/Event Comment
09:00Williams (FOMC voter)Gives opening remarks at conference at culture event
10:00ISM manufacturing PMIRoughly steady at a high level in February
10:00Construction spendingModerate increase in January
11:303- and 6-month bill auction
14:00Bostic (FOMC voter), Kashkari and Mester (non-voters)Take part in virtual panel on racism and economy

US Economy

Federal Reserve and the Overnight Market

This Week's MMO

  • MMO for February 22, 2021

    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.

MMO Analysis