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Fixed Income Focus: Volatility Reigns ... Turkey Loads Up On Bills
Treasury yields were lower this past week, but well off the best levels of an extraordinarily volatile week for global markets overall. The holiday-shortened week began with a remarkable risk-off scramble, but profit-taking during the latter half of the week limited the gains.

Foreign investors were buyers of $25.7 billion of Treasuries in August, based on transactions data, while the TIC holdings data showed foreign investors increasing their holdings of Treasuries by $68.6 billion. Based on transactions data, foreign investors were buyers of $10.3 billion of agency debt and MBS in August and sellers of $7.3 billion of corporate bonds and ABS.
Oct  17  
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.
Oct  17  

Silly Fed Accounting Quirk
Since January 2011 the Federal Reserve has included a line-item on its weekly balance sheet (H.4.1 Table 7) entitled Interest on Federal Reserve notes (IOFRN). This line-item represents an accrual of the Fed's profits each week, which are to be paid to the Treasury the very next week. In the week ended Oct 1 we witnessed some quirkiness in the IOFRN data.
Oct  8  
Federal Reserve Research

Fixed Income Focus: 3-Yr, 10-Yr, 30-Yr Supply Review/Preview
Treasury yields fell this past week despite Friday's better than expected Nonfarm Payrolls release. The curve was flatter though, as the front-end through the belly of the curve continued to lag as players continued to price in Fed rate hikes beginning next year.

Treasury debt managers will come to market with a $61 billion round of coupon auctions during the week ahead, consisting of a $27 billion 3-year note, a $21 billion reopening of the 2 3/8% of 08/15/24 10-year note and a $13.0 billion reopening of the 3 1/8% of 08/15/44 30-year bond. This will be the second reopening for both the 10-year note and 30-year bond issues, which were originally auctioned as part of the Refunding in August.
Oct  3  
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.
Oct  3  


Latest Research HERE for Research Window
20 OctTreasury Market Summary For Monday, October 20
20 OctTrading Tomorrow - Existing Home Sales
20 OctTreasury Market Technicals
20 Oct3 & 6 Month Bidding Details: Strong 6-Month Direct Bid
20 Oct3 & 6-Month Bill Auction Results
20 OctNY Fed Open Market Desk Buys $1.135 Billion in Treasury Coupons
20 OctTreasury Announces $34.0 billion 4-Week Bill Auction Details
20 OctPreview Of Today's Fed Purchase In 07/31/2019 to 06/30/2020 Sector
20 Oct3 & 6 Month Bills Preview Auction Talk, History and Bidding Pools
20 OctPreview: September Existing Home Sales


Chart of the Day
Deficits Are One Thing, Borrowing Another
Deficits Are One Thing, Borrowing Another

Tuesday, 21 Oct
Existing Home Sales  Sep  EST 5.10M Vs Prev's 5.05M
  The NY Fed's Open Market Desk will conduct an outright purchase operation in the 11/15/2021 through 08/15/2024 maturity range
  Treasury will hold a 4-week bill auciton