Gary Siegel

The Treasury Department said Tuesday it will sell $20 billion of four-week discount bills Wednesday.

The Empire State Manufacturing Survey showed "conditions held steady for New York manufacturers," the Federal Reserve Bank of New York reported Tuesday as the general business conditions index dipped to 1.52 in October from 6.29 in September.

Defending the Fed's asset-purchase program, Federal Reserve Bank of Boston President and Chief Executive Officer Eric S. Rosengren Friday noted changes in the 10-year Treasury prices since May and how Fed communications played a role in the changes.

The University of Michigan's preliminary October consumer sentiment index reading was 75.2, compared to the final September 77.5, and the preliminary September 76.8, according to market sources.

The Fed's tapering of asset purchases will not be based on the calendar, only on data, Federal Reserve Bank of San Francisco President and CEO John C. Williams said Thursday.

The Treasury Department Thursday auctioned $13 billion of 29-year 10-month bonds with a 3 5/8% coupon at a 3.758% high yield, a price of 97.618838.

The Treasury Department said it will auction $22 billion year bills on Oct. 16.

The Treasury Department said Thursday it will auction $35 billion 91-day bills and $30 billion 182-day discount bills Tuesday.

Federal Open Market Committee members wanted evidence the progress would be sustained before they reduced asset purchases, and there was talk of reducing purchases of Treasuries, while maintaining the purchase level of mortgage-backed securities, according to minutes of its latest meeting, released Wednesday.

The Treasury Department auctioned $21 billion of 9-year 10-month notes with a 2 1/2% coupon at a 2.657% high yield, a price of 98.645362.

The Treasury Department Tuesday sold $35 billion 5-day cash management bills, dated Oct. 10, due Oct. 15, at a 0.300% high tender rate.

The Treasury Department Tuesday auctioned $30 billion of three-year notes with a 5/8% coupon at a 0.710% yield, a price of 99.748139.

The Federal Open Market Committee "missed an excellent opportunity" when it failed to taper its asset purchases at its most recent meeting, and this lack of action "undermines the credibility of its own forward guidance," Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Tuesday.

Monetary policy "still has a big job to do," and the Fed needs "to be cautious in our expansion of asset purchases," Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto said Tuesday.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a 0.350% high yield, a price of 99.972778.

The Treasury Department said it will auction $35 billion 5-day cash management bills on Wednesday, October 9.

Consumer credit increased by $13.6 billion, or 5.4%, in August to $3.037 trillion, the Federal Reserve reported Monday.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.035% high rate, up from 0.010% the prior week, and the six-months incurred a 0.060% high rate, up from 0.040% the week before.

The Treasury Department said Monday it will sell $30 billion of four-week discount bills Tuesday.

Monetary policy can help the pace of recovery in the labor market Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reiterated Friday, noting that the labor market has improved at a "painfully slow" rate the past four years.