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Overview: Mon, May 20

Daily Agenda

Time Indicator/Event Comment
07:30Bostic (FOMC voter)
Appears on Bloomberg television
08:45Bostic (FOMC voter)Gives welcoming remarks at Atlanta Fed conference
09:00Barr (FOMC voter)Speaks at financial markets conference
09:00Waller (FOMC voter)
Gives welcoming remarks
10:30Jefferson (FOMC voter)
On the economy and the housing market
11:3013- and 26-wk bill auction$70 billion apiece
14:00Mester (FOMC voter)
Appears on Bloomberg television
19:00Bostic (FOMC voter)Moderates discussion at financial markets conference

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for May 20, 2024

     

    This week’s MMO includes our regular quarterly tabulations of major foreign bank holdings of reserve balances at the Federal Reserve.  Once again, FBOs appear to have compressed their holdings of Fed balances by nearly $300 billion on the latest (March 31) quarter-end statement date.  As noted in the past, we think FBO window-dressing effects are one of a number of ways to gauge the extent of surplus reserves in the banking system at present.  The head of the New York Fed’s market group earlier this month highlighted a few others, which we discuss this week as well.  The bottom line on all of these measures is that any concerns about potential reserve stringency are still a very long way off.

Soft Landing Prospects

Roger Ferguson

Sat, January 02, 1999

The consensus is that this year's real growth will abate further, perhaps to about 2 percent, which would eventually produce a "soft landing" of sustained growth near the economy's potential and low inflation. It's not hard to imagine risks to both sides of this scenario, especially with financial markets still not having fully settled down, and I can see that 1999 will require a continued high level of vigilance for policy makers.

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MMO Analysis