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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.

End of Humphrey-Hawkins Reporting Requirement

Alan Greenspan

Tue, February 02, 1999

Let me take a minute to explain this issue of the Humphrey-Hawkins reauthorization. Unbeknownst to 104 percent of the world, [laughter] a piece of legislation went through the Congress a few years ago which effectively sunset virtually every report required to be issued by various governmental agencies. One reason it happened that way was because the legislation said that all reports listed in some obscure source would be "included under this Act," and that list included absolutely everything. Nobody here caught it except Don Winn, who does that sort of thing for a living. It came as a great puzzlement to everybody. So it turns out that under law the reporting requirements in the Humphrey-Hawkins Act--not the Act itself but the reporting aspect of it, I gather, Don--will expire at year-end.

 

MMO Analysis