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Segregated Cash Accounts-Another Fed Normalization Tool
At the October 28-29 FOMC meeting Simon Potter, the Manager of the System Open Market Account, reported on potential arrangements that would allow depository institutions to pledge funds held in a segregated account at the Federal Reserve as collateral in borrowing transactions with private creditors, such as Money Market Funds and Home Loan Banks.
Nov  25  
Federal Reserve 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.
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

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

Oct. 28-29 FOMC Meeting Minutes - Improved Labor Market Outweighs Risks
Key Take-Aways:
* While taking into account risks for too low inflation and from geopolitical events, improvements in labor market led to upgraded assessment of conditions.
* Participants compromised over keeping "considerable time" by expanding the language on data-dependence.
* US economic risks balanced; economic growth in medium-term might be slower due to global economic or financial markets.
* Participants saw "somewhat weaker economic outlook and increased downside risks in Europe, China, and Japan, as well as stronger dollar."
* Labor Market Conditions Index (LMCI) gets an oblique nod.
Nov  19  
Federal Reserve


Latest Research HERE for Research Window
12:42SMR Portfolio Survey - Minor Pre-Holiday Adjustments
11:517-Year Bidding Details: Terrific Indirect Bid, Weak Direct Demand
11:357-Year Note Auction Results ... Not Bad
11:26Pending Home Sales: Down 1.1% in October
11:02Treasury Announces 3-Month & 6-Month Bill Auctions
10:57October New Home Sales: Detailed Analysis
10:56Fed Speakers in December 1 Week: Look Who's Talking
10:55December 1 Week Overview: Employment Friday, the Beige Book, ISM Indexes
10:19Analysis: Final November Reuters/U of Mich Consumer Sentiment Index 88.8
10:04Data Flash! October New Home Sales 458K


Chart of the Day
Market Holiday Calendars
Market Holiday Calendars

Wednesday, 26 Nov
MBA Mortgage Applications  21-Nov  -4.3% Vs Prev's +4.9%
  Continuing Claims  15-Nov  2316K Vs Prev's 2333Kr
  Initial Jobless Claims  22-Nov  313K Vs Prev's 292Kr
  Durables Ex Transportation  Oct  -0.9% Vs Prev's +0.2%r
  Durable Goods Orders  Oct  +0.4% Vs Prev's -0.9%r
  Personal Income  Oct  +0.2% Vs Prev's +0.2%
  Personal Consumption Expenditures  Oct  +0.2% Vs Prev's 0.0%
  PCE Deflator MoM  Oct  +0.1% Vs Prev's +0.1%
  PCE Core MoM  Oct  +0.2% Vs Prev's +0.1%
  Chicago Purchasing Manager  Nov  60.8 Vs Prev's 66.2
  University of Michigan Consumer Sentiment  fNov  88.8 Vs Prev's 89.4
  Pending Home Sales MoM  Oct  -1.1% Vs Prev's +0.3%
  New Home Sales  Oct  458K Vs Prev's 467K
  Treasury will announce a 3-month and 6-month bill auction
  Treasury will hold a 7-year note auction
  Fannie Mae will auction 3-month and 6-month bills