|08:30||Chicago Fed NAI||Above-trend growth again in December|
|11:00||4-week bill announcement||Another cutback?|
|11:30||3- and 6-month bill auction||Unchanged at $48 billion and $42 billion|
|15:00||Treasury investor class auction data||Early-January data|
We expect another strong reading from the Chicago Fed’s national activity index in December.
Today’s bill announcement: 4-week bills
Today’s bill auctions: 3- and 6-month bills
Balance sheet scarcity led to very visible strains in a number of sectors over the December 29 statement date, but that did not translate into new highs in Fed RRP activity. The latest monthly money fund portfolio data highlight several ways in which money funds were able to replace some of the investment capacity that evaporated due to year-end window-dressing.