> Finance & Stock Exchange > Forex > Money Markets
TREASURIES-Prices fall as equities draw investors
Reuters: [2008-05-14 22:52:00]
(Updates prices, comments, changes byline)
* Prices fall as equities climb
* Investors seek higher-yielding spread product
* Early rally on benign CPI fades amid doubts of repeat
* Bets favor steady rates at June Fed meeting
* Rate hike fully priced in by December Fed meeting
By Ellen Freilich
NEW YORK, May 14 (Reuters) - U.S. government debt prices fell on Wednesday as a benign inflation report seemed to lessen the chance of a Federal Reserve interest rate hike this year and encouraged investors to buy stocks and higher-yielding, fixed-income securities instead of safe-haven government debt.
Early in the session, Treasuries made headway when a government report showed that U.S. price increases at the retail level subsided in April. Bond investors like inflation to be as low as possible because inflation erodes the value of fixed-income instruments.
But the halo effect of the benign consumer price index (CPI) report faded somewhat as the session wore on.
"Treasury prices fell both in reaction to rising stock prices and because some investment managers began to discount the improvement in the April CPI," said Jane Caron, senior vice president and chief economic strategist at Dwight Asset Management in Burlington, Vermont. "The thinking was that the flat reading in energy prices would not be repeated in May."
In addition to helping equities, investors' increased risk tolerance spurred buying of spread product, particularly mortgage-backed securities, at the expense of Treasuries, said Royal Bank of Canada capital markets strategist T.J. Marta.
Overnight, Treasury yields pushed above levels that had withstood challenges for some time. Two-year yields moved above 2.5 percent and the five-year yield pushed above 3.25 percent, levels that have held repeatedly since late April, said John Canavan, analyst at Stone and McCarthy Research Associates in Princeton, New Jersey.
The 10-year yield pushed above 3.90-91 percent, an area that has held since the beginning of the year. The 30-year bond yield briefly pushed above 4.67 percent, a level that has held since November, Canavan said.
"This sparked a substantial selloff at the open before the better-than-expected inflation report assuaged the market and sparked a round of short-covering," Canavan said.
The benchmark 10-year Treasury note's <US10YT=RR> price, which moves inversely to its yield, was down 3/32 for a yield of 3.925 percent late Wednesday compared with 3.91 percent late Tuesday. The 30-year bond's <US30YT=RR> price rose 4/32 for a yield of 4.62 percent, from 4.63 percent a day earlier.
The U.S. April headline consumer price index rose 0.2 percent on the month, just below economists' consensus forecast for a rise of 0.3 percent.
The relatively benign CPI report initially raised hopes that the Fed could continue to ease interest rates, if needed, if inflation was waning.
"The big story is the core April CPI, still 2.3 percent year/year, but the three-month annualized is a mere 1.2 percent," said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York. "Recessions do that."
Though Alan Ruskin, chief international strategist at RBS Greenwich Capital, said the CPI data "should undercut thoughts that the Fed will tighten again by the end of the year, since inflation would be the main motivator for such action," futures contracts continued to price in a rate hike by year-end and a 64 percent chance of a rate hike by October.
Two-year notes <US2YT=RR>, which respond closely to expectations for central bank interest rate moves, traded down 3/32 in price for a yield of 2.52 percent, below a four-month high of 2.60 percent reached earlier on Wednesday.
Some analysts cited flows into non-government bonds based on the view that economic weakness might start to abate toward year-end, drawing support away from Treasuries.
"Part of the pressure on Treasuries is a rotation from safe-haven Treasuries into spread product as people get more comfortable with the actions the Fed has taken to bail out Bear Stearns and provide liquidity facilities," said David Dietze, chief investment strategist at Point View Financial Services, in Summit, New Jersey. (Additional reporting by John Parry; editing by Gary Crosse) ((Ellen.Freilich@thomsonreuters.com; +1-646-223-6309; Reuters Messaging: ellen.freilich.parry.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com
* BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com)) Keywords: MARKETS BONDS
---------------- MARKET SNAPSHOT AT 1610 EDT (2010 GMT) -------------------
June T-Bond <USM8> 115-27/32 (- 1/32)
June 10-Year note <TYM8> 114-26/32 (- 4/32)
Change vs Current
previous NY close yield
Three-month bills <US3MT=RR> 1.790 (-0.015) 1.808
Six-month bills <US6MT=RR> 1.860 (unch) 1.904
Two-year note <US2YT=RR> 99-8/32 (- 2/32) 2.516
Five-year note <US5YT=RR> 99-21/32 (- 4/32) 3.199
10-year note <US10YT=RR> 99-21/32 (- 1/32) 3.911
30-year bond <US30YT=RR> 96-6/32 (+10/32) 4.610
----------------------------SWAP SPREADS----------------
May 14 May 13 May 12 May 9 May 8 May 7 May 6
2-YR 83.00 81.00 79.75 80.50 78.75 80.25 81.25
3-YR 87.50 86.00 84.75 84.50 83.75 85.00 86.25
5-YR 81.75 81.75 80.25 79.50 77.75 78.00 78.50
10-YR 61.00 61.75 60.25 60.00 58.75 61.00 63.00
30-YR 31.50 32.25 31.50 31.00 30.25 32.00 34.50
Keywords: MARKETS BONDS
Canadian dollar falls with oil prices, bonds mixed
Reuters: [2008-05-14 22:48:00]
* Canadian dollar eases against stronger greenback
* Oil prices slide, reversing currency's early gains
* Bonds mixed with no key data
By John McCrank
TORONTO, May 14 (Reuters) - The Canadian dollar fell
against a stronger U.S. dollar on Wednesday, as oil prices
dropped from their record highs, thwarting the currency's bid
above parity with the greenback.
Domestic bond prices, with no domestic data to influence
direction, ended mixed.
The Canadian dollar closed at US$1.0043, valuing a U.S.
dollar at 99.57 Canadian cents, down from C$1.0028 to the U.S.
dollar, or 99.72 U.S. cents, at Tuesday's close.
"It's still very much in this range, and not a lot has
changed, even though we did try to break through parity," said
Camilla Sutton, currency strategist at Scotia Capital.
The currency muscled its way above parity early in the
session, hitting a high of US$1.0036, valuing a U.S. dollar at
99.64 Canadian cents.
Much of the recent strength in the Canadian dollar has been
attributed to higher oil prices, as Canada is a major exporter.
But with the price of U.S. crude <CLc1> off its recent record
high of nearly $127 a barrel, the currency lost momentum.
Adding to the Canadian dollar's weakness was renewed
strength in the U.S. dollar, as softer than expected U.S.
inflation data was not seen altering the U.S. Federal Reserve's
interest rate outlook. See [ID:nN14521634]
The Canadian dollar was markedly higher against most other
major currencies, however, as the market is taking the view
that what is good for the United States is good for Canada,
said Sutton.
"When we have the strong U.S. dollar day, we tend to have
very strong Canada days as well in terms of how Canada performs
on the crosses."
The United States buys over 75 percent of Canadian
exports.
BONDS MIXED
Canadian bond prices ended mixed as there was no key data
to influence direction.
"The markets are looking ahead to manufacturing sales
tomorrow, but I think the real important releases start to come
next week," said Max Clarke, economist at IDEAglobal in New
York.
Inflation data for April will be released next Wednesday,
with retail sales data for March the due following day.
The two-year bond fell 5 Canadian cents to C$101.83 to
yield 2.824 percent. The 10-year rose 5 Canadian cents to
C$103.08 to yield 3.596 percent.
The yield spread between the two- and 10-year bonds was
77.7 basis points, down from 80.1 at the previous close.
The 30-year bond climbed 34 Canadian cents to C$116.06 for
a yield of 4.054 percent. In the United States, the 30-year
treasury yielded 4.614 percent.
The three-month when-issued T-bill yielded 2.68 percent,
down from 2.69 percent at the previous close.
((john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters
Messaging: john.mccrank.reuters.com@reuters.net))
For Reuters bond and money market pricing information
double click on one of the following:
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<CA/MMKT1> <CA/MMKT2> <CA/DEBT> <BONDS> <TREASURY> For
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Keywords: MARKETS CANADA DOLLAR BONDS
TREASURIES-Bonds sell off as US stocks hit session highs
Reuters: [2008-05-14 19:49:00]
NEW YORK, May 14 (Reuters) - Treasury debt prices slipped on Wednesday as U.S. stocks rose to their session highs, drawing flows away from safe harbor government securities.
The benchmark 10-year Treasury note's price, which moves inversely to its yield, fell 8/32 for a yield of 3.94 percent <US10YT=RR>, versus 3.91 percent late Tuesday.
The Dow Jones industrial average <.DJI> traded up more than 1.2 percent.
Analysts cited investors' increased willingness to sell safer securities and buy riskier assets such as stocks and non-government bonds.
(Reporting by John Parry; Editing by Chizu Nomiyama)
((John.Parry@thomsonreuters.com ; +1 646 223 6303; Reuters Messaging: john.parry.reuters.com@reuters.net )) Keywords: MARKETS BONDS
UPDATE 2-Russia c.bank moves to fend off rouble speculators
Reuters: [2008-05-14 19:39:00]
(Adds c.bank comments, dealers, analysts)
By Gleb Bryanski and Dmitry Zhdannikov
MOSCOW, May 14 (Reuters) - Russia's central bank said on Wednesday it would begin daily interventions in the local forex market as of May 14 to discourage currency speculators and make the rouble's exchange rate more flexible.
The move followed weeks of intense rumours the central bank will allow the rouble to appreciate after the inauguration of President Dmitry Medvedev to curb inflation and protect popularity of the new leader and his predecessor and political mentor Vladimir Putin, who became prime minister.
"We believe this measure will demotivate speculative capital from entering the Russian money market, fixing the profit and leaving," First Deputy Chairman of the central bank Alexei Ulyukayev told Interfax news agency.
Ulyukayev said a more flexible exchange rate policy will make more difficult for speculators to calculate the exchange rate at a given date, decreasing the volatility of capital flows, which make Russia's balance of payments less predictable.
The rouble exchange rate is the central bank's main anti-inflation weapon and with annual inflation running at over 14 percent going long on the rouble has become a popular trade with major international players.
The bank said in a statement its intervention policy would now be guided by the situation in the local forex market, the country's trade balance and the federal budget. It said the move was also part of a transition to an inflation targeting regime.
The central bank had intervened to keep the rouble stable against a basket made of 0.55 dollars and 0.45 euros. Currency dealers say the central bank has bought about $30 billion since the start of the year.
"If earlier we saw that the exchange rate de facto hovered close to one of the ends of the corridor, most often the lower end, now we will see the exchange rate fluctuating inside the corridor," Ulyukayev said.
"EVIL CARRY-TRADERS"
The rouble surprisingly weakened to the basket in the last two days and dealers told Reuters they suspected there could have been a leak about the central bank's upcoming move.
The rouble closed at 29.73 against the dollar/euro basket on Wednesday, calculated on a daily weighted average basis versus 29.65 on Tuesday and 0.4 percent weaker than the 29.61 currently seen by the market as the central bank's bid level.
The central bank has never disclosed its corridor, but market players say it is set at 29.61-29.91 per basket.
Sources familiar with the policy told Reuters the move will also help the central bank plan better its currency purchases for two oil funds which collect windfall oil revenues. They also said the new policy will help smooth liquidity fluctuations.
Ulyukayev told Interfax the central bank carried out its first intervention on Wednesday buying several hundred million dollars and promised the regulator will intervene daily with volumes increasing during corporate tax payments.
The central bank earlier dismissed the appreciation talk as "irrational" while Putin told the parliament the country could live with double digit inflation for some years, dampening appreciation expectations.
"The central bank is creating some uncertainty, it could increase weakness in the short term and shake out positioning, then the central bank could potentially revalue later," said Shahin Vallee, emerging markets strategist at BNP Paribas.
"The central bank's main task is to get carry-traders off the market, they see them as the main evil and want to cut their hands off," said Nikolai Kashcheyev, analyst at state-owned VTB.
Finance Minister Alexei Kudrin and Ulyukayev said earlier this year Russia may move to an inflation targeting regime in the medium term once its huge trade surplus shrinks.
The regime will give the central bank more leverage over inflation with its interest rates policy but will require the regulator to abandon its managed float policy and allow the rouble to float freely.
For an instant view in new policy click on [ID:nL14843227].
(Additional reporting by Yelena Fabrichnaya)
(Reporting by Dmitry Zhdannikov and Gleb Bryanski)
((dmitri.zhdannikov@reuters.com, + 7 495 775 12 42, Reuters Messaging: dmitri.zhdannikov.reuters.com@reuters.net))
Keywords: RUSSIA CBANK/INTERVENTIONS
DIARY-Federal Reserve Events
Reuters: [2008-05-14 18:20:00]
TO HAVE EVENTS INCLUDED, PLEASE CONTACT THE WASHINGTON
NEWSROOM AT 202-898-8370/202-898-8318, OR BY FAX AT
202-898-8383 OR 202-842-2527
THIS DIARY IS FILED DAILY.
***Denotes a new entry.
--------------------------------------------------------
MEETINGS
FOMC MEETING DATES (one-day meetings on Tuesday; two-day
meetings Tuesday-Wednesday, except where noted. Decision
released on second day of two-day meetings)
2008
June 24-25 (Decision expected at 1415 EDT/1815 GMT)
August 5 (Decision expected at 1415 EDT/1815 GMT)
September 16 (Decision expected at 1415 EDT/1815 GMT)
October 28-29 (Decision expected at 1415 EDT/1815 GMT)
December 16 (Decision expected at 1415 EST/1915 GMT)
2009
January 27-28 (Decision expected at 1415 EST/1915 GMT)
----------------------------------------------------------
FEDERAL RESERVE CHAIRMAN BEN BERNANKE
Thursday, May 15
CHICAGO - Federal Reseve Chairman Ben Bernanke speaks on
"Risk Management and Banking Operations" before the Federal
Reserve Bank of Chicago's "Bank Structure and Competition
Credit Market Turmoil: Causes, Consequences and Cures"
conference, 0830 CDT/0930 EDT/1330 GMT. Audience Q&A expected.
Hotel Intercontinental, 505 N. Michigan Ave. Contact: Laura
LaBarbera, 312 322-2387 or Laura.LaBarbera@chi.frb.org.
Information:
http://www.chicagofed.org/news_and_conferences/conferences_and_events/2008_bsc_agenda.cfm
Thursday-Friday, May 29-30
BASEL, Switzerland - Bank for International Settlements'
Basel Committee on Banking Supervision hosts "Risk Transfer
Mechanisms and Financial Stability" conference. Speakers
include (INVITED) Federal Reserve Chairman Ben Bernanke.
Details TBA. Information:
http://www.bis.org/bcbs/events/rtf08rtmfs.htm
Wednesday, June 4
CAMBRIDGE, Mass. - (INVITED) Federal Reserve Chairman Ben
Bernanke speaks at Harvard University, 1400 EDT/1800 GMT.
Speech topic, Q&A, other details TBA. Harvard Yard,
Tercentenary Theater. Contact: 617 495-1585. Information:
http://www.news.harvard.edu/gazette/2008/04.10/99-classday.html
Tuesday, June 10
CHATHAM, Mass. - (INVITED) Federal Reserve Chairman Ben
Bernanke gives dinner speech before the Federal Reserve Bank of
Boston "Understanding Inflation and the Implications for
Monetary Policy: A Phillips Curve Retrospective" conference,
1800 EDT/2200 GMT. Other details TBA. Wequassett Inn, Pleasant
Bay Road. Contact: Tom Lavelle, 617 973 3647 or
Thomas.L.Lavelle@bos.frb.org; or Donna Dulski, 617 973-3029 or
Donna.Dulski@bosfrb.org; hotel 800 225 7125. Information:
http://www.bos.frb.org/phillips2008
----------------------------------------------------------
OTHER FED OFFICIALS
Tuesday-Wednesday, May 13-14
SEA ISLAND, Ga. - Federal Reserve Bank of Atlanta
"Financial Market Reforms: Taking Stock" 2008 Financial Markets
Conference. The Cloister, 100 Cloister Drive. Contacts: Pierce
Nelson, 404 498 8748 or pierce.nelson@atl.frb.org; or Jean
Tate, 404 498 8035 or jean.tate@atl.frb.org
Wednesday, May 14
BOSTON - Federal Reserve Bank of Boston President Eric
Rosengren speaks on "Risk Management Lessons From Recent
Financial Turmoil" before the "New Challenges for Operational
Risk Measurement and Management" conference sponsored by the
Federal Reserve Board of Governors and the Federal Reserve Bank
of Boston, 0830 EDT/1230 GMT. No media Q&A. Audience Q&A
likely. Federal Reserve Bank of Boston, 600 Atlantic Avenue.
Contact: Tom Lavelle, 617 973 3647 or
Thomas.L.Lavelle@bos.frb.org, Information:
http://www.bos.frb.org/bankinfo/qau/conf/oprisk2008/AMA08Agenda
.htm
BOSTON - Federal Reserve Board Governor Randall Kroszner
speaks on "Risk Management and Basel II" before the "New
Challenges for Operational Risk Measurement and Management"
conference sponsored by the Federal Reserve Board of Governors
and the Federal Reserve Bank of Boston, 0915 EDT/1315 GMT.
Audience Q&A expected. Federal Reserve Bank of Boston, 600
Atlantic Avenue. Contact: Tom Lavelle, 617 973 3647 or
Thomas.L.Lavelle@bos.frb.org, Information:
http://www.bos.frb.org/bankinfo/qau/conf/oprisk2008/AMA08Agenda
.htm
TACOMA, Wash. - Federal Reserve Bank of San Francisco
President Janet Yellen speaks on "Behind the Scenes at the
FOMC" before a Federal Reserve Bank of San Francisco/Pacific
Northwest Regional Economic Conference symposium, 1340 PDT/1640
EDT/2040 GMT. Audience Q&A expected. No media availability.
NOTE: Pen and paper only. No audio feeds permitted. Hotel
Murano, 1320 Broadway. Contact: Carol Eckert, 415 977 3853 or
carol.a.eckert@sf.frb.org; or Lily Ruiz, 415 974 3240 or
lily.ruiz@sf.frb.org
Thursday, May 15
CHICAGO - Federal Reserve Bank of Chicago President Charles
Evans gives welcome remarks before the Federal Reserve Bank of
Chicago's "Bank Structure and Competition Credit Market
Turmoil: Causes, Consequences and Cures" conference, 0815
CDT/0915 EDT/1315 GMT. No Q&A. No discussion of current
economic conditions or monetary policy. Hotel Intercontinental,
505 N. Michigan Ave. Contact: Laura LaBarbera, 312 322-2387 or
Laura.LaBarbera@chi.frb.org. Information:
http://www.chicagofed.org/news_and_conferences/conferences_and_events/2008_bsc_agenda.cfm
***CHICAGO - Federal Reserve Bank of New York Executive Vice
President William Dudley participates in "Theme Panel -- Credit
Market Turmoil: Causes, Consequences and Cures" before the
Federal Reserve Bank of Chicago's "Bank Structure and
Competition Credit Market Turmoil: Causes, Consequences and
Cures" conference, 0950 CDT/1050 EDT/1450 GMT. Audience Q&A
expected. Hotel Intercontinental, 505 N. Michigan Ave. Contact:
Laura LaBarbera, 312 322-2387 or Laura.LaBarbera@chi.frb.org.
Information:
http://www.chicagofed.org/news_and_conferences/conferences_and_events/2008_bsc_agenda.cfm
PHILADELPHIA - Federal Reserve Board Governor Frederic
Mishkin speaks on "Asset Price Bubbles: How Should Central
Banks Respond?" before the Wharton Financial Institutions
Center/Oliver Wyman Institute Annual Financial Risk Roundtable,
1900 EDT/2300 GMT. Audience Q&A expected. University Club, Inn
at Penn, 3600 Sansom Street. Must RSVP: Tracy Simon, 215 898
2863
Saturday, May 17
ATLANTA - Federal Reserve Bank of Atlanta President Dennis
Lockhart speaks on "International Capital Flows" before the
Southern Center for International Studies Young Professionals
Program on Globalization and Emerging Economies, 0900/1300.
Audience Q&A expected. No media Q&A. Goizueta Business School
at Emory University, main auditorium, 1300 Clifton Rd. Contact:
Anitha Vadavatha, 678 596 5573 or animac267@gmail.com
ST. PETERSBURG, Fla. - Federal Reserve Bank of Dallas
President Richard Fisher gives commencement address at Admiral
Farragut Academy, 0920 EDT/1320 GMT. No Q&A. NOTE: No
discussion of the economy or monetary policy. Admiral Farragut
Academy, 501 Park Street North. Must RSVP: James Hoard, 214 922
5307 or james.hoard@dal.frb.org
Thursday, May 22
AMELIA ISLAND, Fla. - (INVITED) Federal Reserve Board
Governor Randall Kroszner speaks on "Current Issues Before the
Federal Reserve System" before the Conference of State Bank
Supervisors (CSBS) 2008 Annual Meeting and Conference, 0915
EDT/1315 GMT. Audience, media Q&As TBA. Amelia Island
Plantation, 6800 First Coast Highway. Contact: Tonita Allers,
202 728 5704 or Mary Beth Quist, 202 728 5722. Hotel: 904 261
6161. Information:
http://www.csbs.org/AM/Template.cfm?Section=Home&TEMPLATE=/CM/HTMLDisplay.cfm&CONTENTID=15582
Friday, June 6
CHICAGO - Federal Reserve Bank of Chicago President Charles
Evans gives introductory remarks before the "Payments Fraud:
Perception versus Reality" conference hosted by the Federal
Reserve Bank of Chicago, 1015 CDT/1115 EDT/1515 GMT. Q&A TBA.
230 S. LaSalle Street. Contact: Katy Jacob, 312 322 2915 or
kathleen.jacob@chi.frb.org. Information:
http://www.chicagofed.org/other/contact_us.cfm?mailto=kathleen.jacob@chi.frb.org&flag=yes
Monday-Wednesday, June 9-11
CHATHAM, Mass. - Federal Reserve Bank of Boston conference
"Understanding Inflation and the Implications for Monetary
Policy: A Phillips Curve Retrospective." Wequassett Inn,
Pleasant Bay Road. Contact: Tom Lavelle, 617 973 3647 or
Thomas.L.Lavelle@bos.frb.org; or Donna Dulski, 617 973-3029 or
Donna.Dulski@bosfrb.org; hotel 800 225 7125. Information:
http://www.bos.frb.org/phillips2008
Monday, June 9
NEW YORK - Federal Reserve Bank of New York President
Timothy Geithner speaks before an Economic Club of New York
luncheon, 1215 EDT/1615 GMT. Speech topic TBA. Q&A from
Economic Club of New York officials only. Grand Hyatt New York,
Empire State Ballroom. Must RSVP: David Girardin, 212 720 1735
or david.girardin@ny.frb.org; or Sabrina Sylvain, 212 947 7738
or sabrina@econclubny.org
CHATHAM, Mass. - Federal Reserve Bank of Boston President
Eric Rosengren gives welcome and opening remarks before the
Federal Reserve Bank of Boston "Understanding Inflation and the
Implications for Monetary Policy: A Phillips Curve
Retrospective" conference, 1700 EDT/2100 GMT. Wequassett Inn,
Pleasant Bay Road. Contact: Tom Lavelle, 617 973 3647 or
Thomas.L.Lavelle@bos.frb.org; or Donna Dulski, 617 973-3029 or
Donna.Dulski@bosfrb.org; hotel 800 225 7125. Information:
http://www.bos.frb.org/phillips2008
Wednesday, June 11
CHATHAM, Mass. - (INVITED) Federal Reserve Vice Chairman
Donald Kohn participates in "Lessons for Central Bankers" panel
before the Federal Reserve Bank of Boston "Understanding
Inflation and the Implications for Monetary Policy: A Phillips
Curve Retrospective" conference, 1130 EDT/1530 GMT. Other
details TBA. Wequassett Inn, Pleasant Bay Road. Contact: Tom
Lavelle, 617 973 3647 or Thomas.L.Lavelle@bos.frb.org; or Donna
Dulski, 617 973-3029 or Donna.Dulski@bosfrb.org; hotel 800 225
7125. Information: http://www.bos.frb.org/phillips2008
-------------------------------------------------------------
FED MONTHLY REPORTS
Thursday, May 15
NEW YORK - Federal Reserve Bank of New York issues monthly
Empire State Manufacturing Survey, 0830 EDT/1230 GMT
WASHINGTON - Federal Reserve releases April industrial
production and capacity utilization data, 0915 EDT/1315 GMT
PHILADELPHIA - Federal Reserve Bank of Philadelphia
releases its monthly business outlook survey, 1000 EDT/1400
GMT.
Tuesday, May 20
CHICAGO - Federal Reserve Bank of Chicago issues monthly
Chicago Fed National Activity Index on current state of U.S.
economic activity and inflationary pressures, 0730 CDT/0830
EDT/1230 GMT
Tuesday, May 27
RICHMOND, Va. - Federal Reserve Bank of Richmond releases
monthly manufacturing and services indices, 1000 EDT/1400 GMT.
DALLAS - Federal Reserve Bank of Dallas issues Texas
Manufacturing Outlook Survey for May, 0930 CDT/1030 EDT/1430
GMT.
CHICAGO - Federal Reserve Bank of Chicago releases the
Midwest Manufacturing Index, 1100 CDT/1200 EDT/1600 GMT
Thursday, May 29
KANSAS CITY, Mo. - Federal Reserve Bank of Kansas City
releases its manufacturing index for the tenth Fed district for
May, 1000 CDT/1100 EDT/1500 GMT.
Friday, May 30
DALLAS - Federal Reserve Bank of Dallas releases
trimmed-mean PCE inflation rate, no set time
----------------------------------------------------------
OTHER FED REPORTS
Tuesday, June 10
PHILADELPHIA - Federal Reserve Bank of Philadelphia
releases semiannual Livingston Survey, 1000 EDT/1400 GMT.
--------------------------------------------------------
FED WEEKLY DATA
Every Monday (except federal holidays)
WASHINGTON - Federal Reserve releases weekly selected
interest rates, no set time.
Every Thursday (except federal holidays)
NEW YORK - Federal Reserve releases weekly money supply and
other weekly Fed banking statistics, 1630 EDT/2030 GMT
Every Friday (except federal holidays)
WASHINGTON - Federal Reserve releases weekly assets and
liabilities of commercial banks figures, 1615 EDT/2015 GMT.
-------------------------------------------------------------
FOMC MINUTES FROM MEETINGS
2008 dates:
Released 1400 EDT/1800 GMT:
Wednesday, May 21 (for April 29-30 meeting)
Wednesday, July 16 (for June 24-25 meeting)
Tuesday, August 26 (for August 5 meeting)
Tuesday, October 7 (for September 16 meeting)
Released 1400 EST/1900 GMT:
Wednesday, November 19 (for October 28-29 meeting)
---------------------------------------------------------
NOTES:
Eastern Daylight Time through November 1, 2008 (four-hour
time difference EDT/GMT)
Eastern Standard Time resumes November 2, 2008 (five-hour
time difference EST/GMT)
---------------------------------------------------------
VOTING MEMBERS:
2008
Federal Reserve Bank of New York President Timothy
Geithner
Federal Reserve Bank of Cleveland President Sandra
Pianalto
Federal Reserve Bank of Philadelphia President Charles
Plosser
Federal Reserve Bank of Dallas President Richard Fisher
Federal Reserve Bank of Minneapolis President Gary Stern
2009
Federal Reserve Bank of New York President Timothy
Geithner
Federal Reserve Bank of Chicago President Charles Evans
Federal Reserve Bank of Richmond President Jeffrey Lacker
Federal Reserve Bank of Atlanta President Dennis Lockhart
Federal Reserve Bank of San Francisco President Janet
Yellen
2010
Federal Reserve Bank of New York President Timothy
Geithner
Federal Reserve Bank of Cleveland President Sandra
Pianalto
Federal Reserve Bank of Boston President Eric Rosengren
Federal Reserve Bank of St. Louis President James Bullard
Federal Reserve Bank of Kansas City President Thomas
Hoenig
---------------------------------------------------------
((To access stories on Fed policy click on [FED/AHEAD] ))
((Melissa Bland, 202-898-8318; Tim Ahmann, 202 898 8370.
Washington Newsroom. Fax 202-898-8383)
Keywords: DIARY FED =3
Next: TREASURIES-Tame inflation lifts long bonds; stocks cap gains