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Fixed Income Focus: Employment On Tap...Month-End Auction Wrap-Up
Treasury yields were mixed this past week. As of the middle of Friday afternoon, the 3-year yield was close to 2 basis points lower on the week, but yields across the rest of the curve were higher, and the curve was broadly steeper as the long-end led the losses. Even so, the bond yield was only a couple of basis points higher for the week.

This past week's coupon auctions were decidedly mixed. Overall though, they had a combined bid/cover of just 2.67, which is the smallest since last October, and before that since August 2009. As has been the case in recent months, the combined Indirect bidder takedown was better than average - albeit down from the prior couple of months - and the Direct bidder takedown was light - although just up from last month.
Mar  27  
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.
Mar  27  

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.
Mar  20  

Federal Reserve Monetary Policy Outlook as of March 20, 2015
Our update to the Monetary Policy Outlook reflects the changes in the forward guidance as of the March 17-18 FOMC meeting and Chair Yellen's comments in the post-meeting press briefing. The time is nearing when the FOMC will start the process of policy normalization, but the Committee will continue to make the decision on a meeting-by-meeting basis.
Mar  20  
Federal Reserve

Mortgage Focus: A Review of the Q4 Financial Accounts Data
Key Takeaways:
--The latest Z.1 report from the Fed showed that residential mortgage debt increased slightly in the fourth quarter, following an increase in the third quarter. That was the first time we saw back-to-back increases in mortgage debt since 2008.
--Home equity debt continues to contract -- it hasn't increased since 2007.
--The agencies continue to finance the majority of mortgages, particularly when home equity loans are excluded.
--The Fed and commercial banks and thrifts combined hold a little under half of agency debt and MBS. The Fed share will decline eventually, but we don't expect any big changes soon.
--The decline in the foreign-held share of agency debt and MBS has subsided.
Mar  19  
Mortgages


Latest Research HERE for Research Window
27 MarWEEKLY ECONOMIC COMMENTARY - WEEK OF MARCH 27, 2015
27 MarTreasury Market Summary For Friday, March 27
27 MarTechnical Intermarket Outlook
27 MarFixed Income Focus: Employment On Tap...Month-End Auction Wrap-Up
27 MarEconomic Week Ahead Chartbook - March 30 to April 3
27 MarEconomic Week in Review Chartbook - March 23 to March 27
27 MarU.S. Monthly Economic Snapshot Table
27 MarFinal March BBG/University of Michigan Consumer Sentiment
27 MarData Flash! fMar U Mich Consumer Sentiment 93.0
27 MarReviewó3rd Estimate of Q4-2014 Real GDP


Chart of the Day
Treasury Sentiment Resets After Index Extreme
Treasury Sentiment Resets After Index Extreme

Monday, 30 Mar
Personal Income  Feb  EST +0.3% Vs Prev's +0.3%
  Personal Consumption Expenditures  Feb  EST 0.0% Vs Prev's -0.2%
  PCE Deflator MoM  Feb   DUE Vs Prev's -0.5%
  PCE Core MoM  Feb   DUE Vs Prev's +0.1%
  Pending Home Sales MoM  Feb   DUE Vs Prev's +1.7%
  Dallas Fed Manufacturing Activity  Mar   DUE Vs Prev's -11.2
  Treasury will announce a 4-week bill auction
  Treasury will hold a 3-month and 6-month bill auction
  Freddie Mac will announce 3-month and 6-month bill auctions