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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.

Productivity examples

Michael Moskow

Fri, December 01, 2006

Now, within the U.S. economy, the sector with the most dramatic acceleration in productivity has been manufacturing...  One snack maker, Procter & Gamble, even used a supercomputer to study the aerodynamics of its potato chips - Pringles Potato Chips. It found that, as they were manufacturing potato chips - why would they use a supercomputer for that?   Well, as they were manufacturing these potato chips, they found that too many of them were just flying off the assembly line. So, they used the supercomputer to study the aerodynamics to figure out how to keep them on the assembly line and be more efficient in the production of Pringles.

MMO Analysis