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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.

Medicare

Alan Greenspan

Wed, February 16, 2005

I'm...of the belief that we probably ought not to address the medical issue quite yet until we get very far - much further down the road in the advance in information technology in the medical area...So I think that people who are saying we ought to do Medicare first before Social Security because it's a much bigger problem - I agree, it is a hugely much more difficult problem but I'm not sure I would agree with the issue of the sequence wholly because of the nature of what's now occurring in medicine.

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MMO Analysis