|08:30||Phila. Fed mfg survey||Little change expected this month|
|08:30||Jobless claims||May rebound from holiday-week low|
|09:00||Quarles (FOMC voter)||On alternative reference rates|
|10:00||Leading indicators||0.4% increase expected in June|
|11:00||3- and 6-month bill announcement||No changes expected|
|11:00||2-, 5-, 7-yr, and 2-yr FRN note announcement||Increases in the 2-year note and the FRN|
|13:00||10-yr TIPS auction||$13 billion new issue|
We expect the Philadelphia Fed’s regional factory index to be little changed from last month. Initial jobless claims may rebound from last week’s low level, which may have been influenced by the Fourth of July holiday.
Today’s bill announcements: 3- and 6-month bills
Today’s coupon announcements: 2-, 5- and 7-year notes; 2-year FRN
Today’s coupon auction: 10-year TIPS
Moving Week Edition. This week’s MMO appears in abbreviated form, as we moved to TP ICAP’s new Manhattan offices over the weekend. We have included quick updates on the bill supply outlook and its implications for overnight rates in August in this week’s newsletter.