|07:00||MBA mortgage prch. index||Flat to slightly higher in Thanksgiving week|
|08:15||ADP national employment report||Another solid increase in November|
|10:00||ISM manufacturing PMI||Little change expected in November|
|10:00||Construction spending||Mild decline likely in October|
|10:00||Powell (FOMC voter)||Testifies before House on CARES Act|
|11:30||17-week and 8-day CMB auctions||$40 billion apiece|
|14:00||Beige book||Cost pressures still rising amid supply constraints|
|Dom & imp. auto sales||Mild improvement from soft October level|
The November ADP employment report will be released at 8:15 this morning. The November ISM manufacturing survey and October construction spending will follow at 10:00. November auto sales results will be released over the course of the day.
Today's Treasury coupon purchase schedule:
The FOMC minutes on Wednesday suggested that the Fed had an open mind about accelerating the phase-out of its crisis asset purchases, but the market response to Omicron concerns on Friday suggested that the FOMC might want to bide its time before adjusting its taper timetable. Separately, there wasn’t much debt ceiling news last week, but this week could be different. Congressional efforts to avoid a government shutdown this weekend could affect the outlook for the timing of action on the debt limit.