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Fixed Income Focus: Range-Bound ... 2-Year Auction Review/Preview
Treasury yields finished narrowly mixed this past week. The market spent the week meandering on either side of the prior Friday's closing levels. The belly of the curve under performed, leaving 5-year and 7-year yields a touch higher, but yields slightly lower out through the wings.

Treasury will auction a $28.0 billion 2-year note on Monday afternoon. The size of the auction has been cut by $1.0 billion. Treasury announce as part of the Refunding their plans to cut 2-year and 3-year auction sizes each month during the November/December/January quarter. As a result, the 2-year issue size should be just $26.0 billion beginning in January, which would be the smallest 2-year auction since February 2008.
Nov  21  
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.
Nov  21  

What Have We Learned From The Recent Fed TDF Testing?
In this note we review the Fed recent testing of the TDF program and assess the impact of the following: (1) the inclusion of an early withdrawal feature, (2) Enlarging the maximum tender, and (3) varying the interest rate of the TDF.
Nov  21  
Federal Reserve Research

Trading Today - Mostly Quiet Calendar Into The Weekend
Dovish comments from the ECB's Draghi briefly offered Treasuries support overnight before the market was hit by a strong risk on shift following China's rate cut decision. The calendar is dull in the U.S. today though. The Kansas City Fed Manufacturing Index and the state employment figures aren't market moving, and they are the only data releases on tap.
Nov  21  
Trading Today

Minutes-Some Comments on Normalization Related Testing etc.
The Minutes of the October 28-29 FOMC meeting included more details regarding the testing of the ON RRP program, including the use of term RRP over year-end. Also included was the possibility of allowing depository institutions to hold reserves in segregated accounts to be used as collateral for borrowing from the private sector. These accounts are thought to be a supplemental normalization tool.
Nov  19  
Federal Reserve Research


Latest Research HERE for Research Window
06:38Chart of the Day--Inventories to Detract Less from Q3 GDP
21 NovWEEKLY ECONOMIC COMMENTARY - WEEK OF NOVEMBER 21, 2014
21 NovTechnical Intermarket Outlook
21 NovTreasury Market Summary For Friday, November 21
21 NovFixed Income Focus: Range-Bound ... 2-Year Auction Review/Preview
21 NovU.S. Monthly Economic Snapshot Table
21 NovPreview--2nd Estimate Q3-14 Real GDP
21 NovEconomic Week Ahead Chartbook - November 24 to November 28
21 NovEconomic Week in Review Chartbook - November 17 to November 21
21 NovRepo Update - Not Much Change Since Yesterday


Chart of the Day
Inventories to Detract Less From Q3 GDP
Inventories to Detract Less From Q3 GDP

Monday, 24 Nov
Chicago Fed Nat Activity Index  Oct 
  Markit US Composite PMI  pNov 
  Markit US Services PMI  pNov 
  Dallas Fed Manufacturing Activity  Nov 
  Treasury will announce a 4-week bill auction
  Treasury will hold a 3-month and 6-month bill auction
  Treasury will hold a 2-year note auction
  Fannie Mae may announce benchmark notes
  Freddie Mac will auction 3-month and 6-month bills