US TSYS/OVERNIGHT REPO: ON RRP Takeup Hits Fresh 3+ Year Low
Feb-14 18:36
Takeup of the Fed's overnight reverse repo facility fell $9B to a fresh post-April 2021 low of $58.8...
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PIPELINE: Corporate Debt Issuance Update
Jan-15 18:31
- Date $MM Issuer (Priced *, Launch #)
- 01/16 $1B #Citadel LP $500M 5Y +170, $500M 7Y +190
- 01/15 $750M #NY Life 10Y +70
- 01/15 $500M #NLG Global Funding 5Y +95
- 01/15 $Benchmark Dexia 5Y SOFR+73a
- Expected to issue Thursday:
- 01/16 $Benchmark CABEI 3Y +75a
- 01/16 $1B Kommuninvest WNG 3Y SOFR+37a
- 01/16 $Benchmark CDP Financial 5Y SOFR+63a
FED: Williams Sees Economic Strength & Fiscal Uncertainty Behind Higher Yields
Jan-15 18:26
- Speaking in a media scrum after an earlier appearance, NY Fed’s Williams (permanent voter) said Treasury yields haven’t been driven by inflation expectations and that yields instead reflect economic strength and fiscal uncertainty.
- There have been somewhat mixed views of FOMC members on long end yield drivers recently. Goolsbee (’25 voter, dove) on Friday said long-term yields reflected increased growth expectation and weren’t driven by inflation expectations as well, although Gov. Bowman (permanent voter, hawk) on Thursday saw higher inflation expectations at least in part attributing to moves. Barkin (non-voter) meanwhile last week said he saw term premium as a factor.
Williams’ other comments focused on balance sheet policy, with the main takeaway being that reserves are still seen as being above "ample":
- *WILLIIAMS: NOT SEEING SIGNS RESERVES FALLING TO 'AMPLE' LEVEL
- *WILLIAMS: QT NOT A FACTOR IN HIGHER TREASURY TERM PREMIUMS
- *WILLIAMS: AS RESERVES DECLINE EXPECT RRP VOLUME TO MATCH
- *WILLIAMS: NO SIGN OF DISRUPTION IN REPO MARKET, AS IN 2019
- *WILLIIAMS: NO CURRENT PLANS FOR SALES OF FED'S MBS HOLDINGS" - bbg
LOOK AHEAD: Thursday Data Calendar: Weekly Claims, Retail Sales, Import/Export
Jan-15 18:19
- US Data/Speaker Calendar (prior, estimate)
- 16-Jan 0830 Initial Jobless Claims (201k, 210k)
- 16-Jan 0830 Continuing Claims (1.867M, 1.872M)
- 16-Jan 0830 Retail Sales Advance MoM (0.7%, 0.6%)
- 16-Jan 0830 Retail Sales Ex Auto MoM (0.2%, 0.5%)
- 16-Jan 0830 Retail Sales Ex Auto and Gas (0.2%, 0.4%)
- 16-Jan 0830 Retail Sales Control Group (0.4%, 0.4%)
- 16-Jan 0830 Import Price Index MoM (0.1%, -0.1%), YoY (1.3%, 2.1%)
- 16-Jan 0830 Import Price Index ex Petroleum MoM (0.2%, -0.1%)
- 16-Jan 0830 Export Price Index MoM (0.0%, 0.1%), YoY (0.8%, 1.6%)
- 16-Jan 0830 New York Fed Services Business Activity (-5.2, --)
- 16-Jan 0830 Philadelphia Fed Business Outlook (-10.9 rev, -5.0)
- 16-Jan 1000 Business Inventories (0.1%, 0.1%)
- 16-Jan 1000 NAHB Housing Market Index (46, 45)
- 16-Jan 1130 US Tsy $95B 4W & $90B 8W bill auctions
