Overview: Thu, August 16

Daily Agenda

Time Indicator/Event Comment
08:30Housing startsPartial reversal of June plunge
08:30Phila. Fed mfg surveyLittle change expected this month
08:30Jobless claimsClose to recent very low levels in latest week
11:005-yr TIPS (r) announcement An unchanged $14 billion offering expected
11:003- and 6-month bill announcementUnchanged $51 billion and $45 billion offerings expected
11:00Small-value bill purchase operationTest exercise not to exceed $100 million in value

US Economy

  • Economic Indicator Preview for Thursday, August 16, 2018

    We look for across-the-board increases (though of varying magnitudes) in single-  and multi-family housing starts and building permits in July.  This month’s Philadelphia Fed factory survey is likely to be down very slightly.  Our guess is that initial jobless claims will be flat and continuing claims up slightly in the latest week’s report.

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for August 13, 2018

    This week’s issue features our regular quarterly chartbook of foreign holdings of Fed balances.  The aggregate level of reserve balances held by foreign banks as of June 30 was little changed from recent quarter-ends, but the composition (as usual) shifted somewhat.  The data thus far have not told us much about how the distribution of reserve holdings will evolve as the Fed’s balance sheet contraction picks up steam in the months ahead.  The data for the next couple of quarters may be more illuminating.  

MMO Analysis