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Trading Today - MBA, JOLTS, Consumer Credit
Today's calendar calendar will be light. The weekly MBA figures were already released, and will be followed by the mid-morning JOLTS Job Openings Report and the late afternoon release of Consumer Credit.
Dec  7  
Trading Today

FOMC Meeting Preview for Dec. 13-14: Little Doubt on Rate Hike
Key Points:
* Statement at 14:00 ET on Wednesday will be accompanied by an update to the SEP. Chair Yellen's press briefing scheduled for 14:30 ET.
* Little doubt of a 25 basis point hike in fed funds rate. * Board of Governors should match hike for discount rate and IOER.
* Could tweak forward guidance, but still for gradual approach to monetary policy.
Dec  6  
Federal Reserve

Fed Monetary Policy Survey - What Next?
SMRA surveyed our readers about the outlook for monetary policy with seven brief questions. The survey took place during the period of Monday, November 28 through Friday, December 2. After another the "close call" to keep rates on hold at the November 1-2 meeting, expectations are lined up for a hike in the fed funds target rate range from 0.25%-0.50% to 0.50%-0.75%. At this writing it is almost unimaginable that the FOMC will not raise the rate barring a significant exogenous event with profound implications for the US economy.
Dec  5  
Federal Reserve

Fixed Income Focus: Flagging Buyside Auction Demand
Treasury yields were mixed this past week. A quiet start gave way to heavy selling on surging oil prices, supply concerns, and technicals, but support finally held around 2.50% on the 10-year, and the market was able to rebound on a somewhat weaker than expected Nonfarm Payrolls release.

November was an historically ugly month for Treasuries, which resulted in very weak overall buyside demand for the nominal Treasury coupon auctions.
Dec  2  
Fixed Income Focus

US Economic Chartbooks
Please see our Economic Week Ahead Chartbook for a discussion of next week's economic releases provided in a visually friendly format that includes graphs, brief descriptions of SMR's forecasts, and links to detailed data previews. If you missed anything from last week, see our Economic Week in Review Chartbook for a look back at the releases with links to full analyses.
Dec  2  


Latest Research HERE for Research Window
16:17Treasury Market Summary For Wednesday, December 7
16:02Treasury Market Technicals: Corrective Buying Finally Gaining Traction
15:46Trading Tomorrow - ECB, Jobless Claims, Flow of Funds
15:32October Consumer Credit: Detailed Analysis
12:48SMRA Portfolio Survey - Small Duration Pullback; Still Bullish On Spreads
10:59October JOLTS--Somewhat Less Upbeat
09:17Repo Update - 10s Very Scarce, OTR Issues Also Tightening
08:28Equity Market Technicals: Deceleration in Risk Leadership Continues
08:09Corporate Review - Supply, Spreads, & Activity For Tuesday, December 6
07:26Mortgage Applications Tread Water; Rates Continue to Climb


Chart of the Day
Core CPI--Core Commodities versus Core Services
Core CPI--Core Commodities versus Core Services

Wednesday, 7 Dec
MBA Mortgage Applications  02-Dec   DUE Vs Prev's -9.4%
  JOLTS Job Openings  Oct  5534 Vs Prev's 5631r
  Consumer Credit  Oct  EST +$20.0B Vs Prev's +$19.292B
  Fannie Mae will announce benchmark bill auctions