Overview: Wed, November 21

Daily Agenda

Time Indicator/Event Comment
07:00MBA mortgage prch. indexSubstantial seasonal increase in latest week
08:30Durable goodsSharp aircraft-led decline expected
08:30Jobless claimsLittle change expected in latest week
10:00U. Michigan cons. sent., lateFinal November level close to preliminary reading
10:00Existing home salesPartial rebound expected in October
10:00Leading indicatorsMarginal increase of 0.1% expected in October
11:003- and 6-month bill announcementExpected to be unchanged at $42 and $36 billion
11:002-, 5-, 7-yr, and 2-yr FRN (r) note announcement$1 billion increases across the board
11:3010-yr TIPS (r) auction$11 billion offering
Reserve maint. period ends

US Economy

  • Economic Indicator Preview for Wednesday, November 21, 2018

    The aircraft sector is likely to pull overall durable goods orders down in this morning’s October report.  Initial claims seem likely to hold roughly steady in the latest weekly unemployment insurance data, and we expect a small downtick in continuing claims.  We look for a partial rebound in October existing home sales following a weak September result, but inventory and affordability issues are likely to persist.  Our assumption is that the headline index in the University of Michigan’s consumer sentiment report will stay near the early-November print of 98.3.  However, the inflation indexes may soften a bit from their preliminary readings.

Federal Reserve and the Overnight Market

Treasury Finance

This Week's MMO

  • MMO for November 19, 2018

    This issue of the Money Market Observer is a short read for a short week.  It includes our regular monthly chartbook of money fund repo positions along with some observations about the ongoing diversification of the money fund industry’s collection of repo counterparties.

MMO Analysis