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Overview: Wed, July 22

Daily Agenda

Time Indicator/Event Comment
07:00MBA mortgage prch. indexMild declines the last two weeks
09:20Fed bill purchase4- to 12-month maturities
11:00Treasury buyback announcement (liq support)Nominal coupons 10Y to 30Y
11:3017-wk bill auction$72 billion offering
13:0020-yr bond (r) auction$13 billion offering
14:00Treasury buyback (liq support)TIPS 1Y to 10Y
15:00Treasury investor class auction dataMid-July data

Federal Reserve and the Overnight Market

Treasury Finance

  • Treasury Highlights for Wednesday, July 22, 2026

    9:20 am: Fed bill purchase in the 4- to 12-month sector
    11:00 am: Treasury buyback announcement
    11:30 am: 17-week bill auction
    1:00 pm: 20-year bond (r) auction
    2:00 pm: Treasury buyback operation

US Economy

This Week's MMO

  • MMO for July 20, 2026

    The Treasury’s quarterly dealer discussion agenda, which was released on Friday, revisited the question of whether it should implement a short-term investment program for cash in the TGA that exceeds its daily minimum cash balance target.  The intramonthly peaks and valleys of its prudential cash balance framework mean that the Treasury can go for extended periods over the course of each month with more cash in the TGA than strictly required.  The financial benefits of redeploying that cash into the repo market are limited in the current market environment, but might become more substantial in the (we think unlikely) event that the moved to a scarce reserves framework.  This week’s newsletter looks at the additional background questions the Treasury is asking about the proposal this quarter.

Education

Alan Greenspan

Thu, February 19, 2004

One effective tool that we have developed to facilitate the transition to a new job or profession has been our community colleges. These two-year institutions have been in the forefront of teaching the types of skills that build on workers' previous experiences to create new job skills. Currently almost one in three of their enrollees are aged thirty or older, a statistic that suggests that these individuals have previous job experience.

Alan Greenspan

Wed, December 10, 2003

In recent years, competition from abroad has risen to a point at which our lowest skilled workers are being priced out of the global labor market. This diminishing of opportunities for such workers is why retraining for new job skills that meet the evolving opportunities created by our economy has become so urgent in this country. A major source of such retraining has been our community colleges, which have proliferated over the past two decades.

Alan Greenspan

Tue, March 21, 2000

The marked move of capital from failing technologies to those at the cutting edge has quickened the pace at which job skills become obsolete. The completion of high school used to equip the average worker with sufficient skills to last a lifetime. That is no longer true, as evidenced by community colleges being inundated with workers returning to school to acquire new skills and on-the-job training being expanded and upgraded by a large proportion of American business.

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MMO Analysis