Overview: Mon, June 25

Daily Agenda

Time Indicator/Event Comment
08:30Chicago Fed NAITrend-like reading in May
10:00New home salesLittle change expected in May
10:30Dallas Fed manufacturing surveyMild pullback likely this month
11:004-week bill announcementAn unchanged $35 billion offering likey
11:303- and 6-month bill auctionSteady at current levels

US Economy

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for June 25, 2018

    The spread between the IOER and fed funds rate remained in focus last week.  Even though the spread (so far) has only tightened one basis point more than expected, the uptick suggests that there is a greater risk of a second IOER tweak this year than we had previously thought.  Separately, the results of the June tax season were mildly disappointing, but did not change our Treasury bill forecasts for July.

MMO Analysis