A beige book and a bond auction.
11:00: New York Fed to monetize bonds due 06/30/2015 - 11/30/2016
11:30: Treasury to auction $15 billion in 6-Day CMBs
13:00: Treasury to auction $21 billion reopening in 10 year bonds
14:00: Federal Reserve’s Beige Book. In light of the unexpected weakness in activity data over the last two months, the Fed’s Beige Book report may take on added importance. In the last survey—which covered late Q1—the report said that “economic activity generally continued to improve”. It added that while improvements were only moderate, “gains were widespread across sectors”. We expect a significantly more downbeat tone in today’s release. Consistent with Chairman Bernanke’s remarks yesterday, the report will likely note that the recovery has continued but growth has slowed.
14:20: Kansas City Fed President Thomas Hoenig in Steamboat, Colorado.