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Overview: Wed, July 08

Daily Agenda

Time Indicator/Event Comment
07:00MBA mortgage prch. indexLittle net change since early May
10:00Wholesale inventoriesModerate increase in May
11:00Treasury buyback announcement (liq support)Nominal coupons 2Y to 3Y
11:3017-wk bill auctionUnchanged at $72 billion
13:0010-yr note (r) auction$39 billion offering
14:00FOMC minutesBackground discussion of the change in guidance practices?
15:00Treasury investor class auction dataFull June data
15:00Consumer creditMay data

Federal Reserve and the Overnight Market

Treasury Finance

US Economy

This Week's MMO

  • MMO for July 6, 2026

    Individual FOMC members have been speaking less in recent weeks than in the past, but the market won't be starved for Fed news this month.  That’s a good thing.  Providing the markets with conditional insight into the Fed’s reaction function can enhance both price discovery and policy effectiveness.  Also, we had not planned to revisit the tariff refund outlook again as soon as this week, but a massive outflow on June 29 changed our plans. 

MMO Analysis