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Fixed Income Focus: Bear-Flattening Break-Out ... Supply Wrap-Up
Front-end yields surged, and the curve flattened mightily this past week, largely in the aftermath of Fed Chair Yellen's Friday speech at the Jackson Hole Symposium. The 2-year yield was up 9.5 basis points on the week through late Friday afternoon, which was the largest weekly increase since the week-ended May 20th. As a result, the 2-year/10-year spread was driven back below 80 basis points, and the 5-year/30-year spread tumbled through 110 basis points to just 105.4 basis points as of late Friday, which is the tightest the 5-year/30-year spread has been since March 17, 2015.

The August Treasury coupon auctions met with good demand. The investment fund demand remained very strong, and there also appeared to be some improvement in foreign demand for the auctions, after large declines the prior two months.
Aug  29  
Fixed Income Focus

Oxford Economics Weekly Research Highlights
As part of our partnership with Oxford Economics, we are now sharing Oxford Economics' Weekly Research Highlights. It includes their top research pieces from the past week and a list of other research they published. Click here to view the Weekly Research Highlights
Aug  26  
Economic Research

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.
Aug  26  

Yellen in Brief - Case for Rate Hike 'Strengthened in Recent Months'
Although there is much to consider in Chair Janet Yellen's remarks on the "Federal Reserve's Monetary Policy Toolkit" at the annual Jackson Hole Forum, it is her take on the "Current Economic Situation and Outlook" that has received the closest scrutiny. At the heart of the section she said, "[I]n light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months. Of course, our decisions always depend on the degree to which incoming data continues to confirm the Committee's outlook." (Emphasis added.)
Aug  26  
Federal Reserve

Agenda for Jackson Hole Fed Symposium Aug 25-27
Here is the agenda for this years Federal Reserve Bank of Kansas City's annual Jackson Hole symposium.
Aug  26  
Federal Reserve Research

Latest Research HERE for Research Window
18:06Treasury Market Summary For Monday, August 29
16:11Treasury Market Technicals: 10s Return to Ranges after Encountering Heavy Churn
16:08Trading Tomorrow - Fischer, S&P/Case Shiller, Confidence
11:503 & 6-Month Bidding Details: Strong 6-Month but Weak 3-Month
11:333 & 6-Month Bill Auction Results...Mixed
11:01Treasury Announces $45.0 billion 4-Week Bill Auction Details
09:583 & 6 Month Bills Preview Auction Talk, History and Bidding Pools
09:14Analysis--July Personal Income Up 0.4%, PCE Up 0.3%
08:31Data Flash! July Personal Income Up 0.4%, PCE Up 0.3%
08:25Repo Update - 10-Year Special

Chart of the Day
Market Holiday Calendars<br>Remainder 2016 and 2017
Market Holiday Calendars
Remainder 2016 and 2017

Monday, 29 Aug
Personal Income  Jul  +0.4% Vs Prev's +0.3%r
  Personal Consumption Expenditures  Jul  +0.3% Vs Prev's +0.5%r
  Real PCE  Jul  +0.3% Vs Prev's +0.4%r
  Dallas Fed Manufacturing Activity  Aug  -6.2 Vs Prev's -1.3
  Treasury will announce a 4-week bill auction
  Treasury will hold a 3-month and 6-month bill auction
  Freddie Mac will announce reference bills