|08:30||Dudley (FOMC voter)||On the economy and policy|
|09:25||Evans (FOMC non-voter)||On the economy and policy|
|09:45||Markit services PMI (final)||Little changed in November|
|10:00||ISM non-mfg report||Little changed at moderately strong level in November|
|10:00||Fed LMCI||Modestly positive again in November?|
|11:00||4-week bill announcement||Likely unchanged at $45 billion|
|11:30||3- and 6-month bill auction||$2 billion reduction in each maturity|
|14:05||Bullard (FOMC voter)||On the U.S. economic outlook|
With Friday’s employment report out of the way, the next big wave of economic data is not due until the middle of next week – in the days bracketing next Wednesday’s rate hike. This week’s calendar has very few noteworthy indicators. This morning’s ISM non-manufacturing survey is likely to suggest that growth outside the factory sector remains moderately strong, and tomorrow’s international trade report is likely to indicate that the inflation-adjusted trade gap started the fourth quarter on track to be a drag on the Q4 GDP math.
Today's bill announcement: 4-week bills
Today's bill auctions: 3- & 6-month bills
The incoming Secretary of the Treasury reiterated last week that extending the average maturity of the debt remains a top priority. A full-fledged ultra-long bond program would take some time to design, but maturity adjustments within the existing Treasury auction calendar could begin as early as February. Separately, we have uploaded our 2017 calendar of economic indicators in conjunction with this week’s newsletter.