Gary Siegel

Consumer credit increased by $18.5 billion in July to $3.753 trillion, the Federal Reserve reported Friday.

The Treasury Department Friday sold $20 billion 7-day cash management bills, dated Sept. 8, due Sept. 15, at a 1.010% high tender rate.

The Treasury Department said it will auction $20 million 7-day cash management bills on Sept. 8.

Newly issued Treasury securities held in stripped form increased about $3.212 billion in August to a total of $254.293 billion, the Bureau of the Public Debt reported Thursday.

Gradual rate hikes are likely to remain necessary, and the normalization of the Federal Reserve’s balance sheet should not cause a “sudden or sizable increase in long-term yields,” Federal Reserve Bank of Cleveland President Loretta Mester said Thursday.

The Treasury Department said Thursday it will auction $39 billion 91-day bills and $33 billion 182-day discount bills Monday.

Federal Reserve Board Vice Chair Stanley Fischer said he will resign from the Board of Governors on or about Oct. 13.

The U.S. services sector expanded in August as the non-manufacturing business activity composite index was 55.3 in the month, compared to 53.9 in July, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

The Federal Reserve’s rate hikes over the past year and a half may be harming the economy, Federal Reserve Bank of Minneapolis President Neel kashkari said Tuesday.

The Treasury Department Tuesday auctioned $20 billion of four-week bills at a 1.300% high yield, a price of 99.898889.