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Overview: Tue, July 21

Daily Agenda

Time Indicator/Event Comment
11:004-, 8- and 17-wk bill announcementNo changes expected
11:00Treasury buyback announcement (liq support)TIPS 1Y to 10Y
11:306-wk bill auction$95 billion offering

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.

"Live" Meetings

James Bullard

Mon, June 06, 2016

Who knows – (chuckles) – what’s going to break just right in those days right before [FOMC meetings]? And then – and then if you feel like, well, I can’t – I can’t do anything right at that meeting, then you got to wait, you know, 90 days till the next meeting. I don’t think, you know, in an environment where you’re trying to normalize rates, that that’s a good approach. I think instead you should be willing to move and able to move when the data is fairly strong and you have a good case to make, and then you’re able to move at that particular meeting. So, basically, all meetings should be the same. They should all be considered exactly the same.

James Bullard

Wed, May 25, 2016

So I think you can make a move without press conferences in this circumstance. I think for that first move, you know the one we did in December, there you probably wanted to have a press conference around that because that was our first move. Whether you have to do that for every single move, I think it is questionable.

John Williams

Tue, May 17, 2016

“I think that the data to my mind are lining up to make a good case for rate increases in the next few meetings, not just June, which means it’s very live in terms of that,” Mr. Williams said Tuesday in an interview with reporters and editors of The Wall Street Journal.

Dennis Lockhart

Tue, May 03, 2016

While Lockhart said markets should put more probability on June being "a real option", he did little to signal that he felt the economy would be sufficiently settled for a June increase.

James Bullard

Wed, April 06, 2016

Not only have we moved at all kinds of different meetings, we’ve actually had inter-meeting meetings, special meetings, and moved at those meetings. So you can do a lot of things. You know, I’m not saying we’re going to — you know, I’m planning on that or anything, but the Committee certainly reserves the right to make a move at any time.

Charles Evans

Wed, March 30, 2016

Liesman: You talked about agreements and disagreements is there a split on the federal reserve? A bunch of folks stepped out last week and said that april was the time the feds should consider it but i don't hear that from fed chair janet yellen at all that april is even on the table.

Evans: Well, in fairness I think she did say during the press conference well, of course we go into these meetings, April is live, they're all live meetings, we go in to talk about things. I would say the threshold for having confidence that inflation is going to sustainably move up towards our 2% inflation target is high. That hurdle is pretty high. So I'd be surprised if we met that condition myself in April. I think moving in June would be on the basis of further improvements in the labor market like what we've had.

MMO Analysis