Gary Siegel

The Fed’s maximum employment and price stability mandates could face a short-term conflict, leading to “a balanced approach” to reach objectives, but Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Thursday, watching the Summary of Economic Projections might offer hints.

Labor market strife, and unemployment levels that are expected to be above 7% through 2014 support the need for accommodative monetary policy for “quite some time,” Federal Reserve Bank of San Francisco President and CEO John C. Williams said Thursday.

The Treasury Department said Thursday it will auction $30 billion 91-day bills and $28 billion 182-day discount bills Monday.

The U.S. services sector expanded at a slower pace in April as the non-manufacturing business activity composite index was 53.5 in the month, compared to 56.0 in March, on a seasonally adjusted basis, the Institute for Supply Management reported Thursday.

The European Central Bank announced its Governing Council held interest rates at its latest monetary policy meeting Thursday.

The Treasury Department said it will sell $72.0 billion in its quarterly refunding to raise $36.7 billion of new cash, offering $32 billion of three-year notes on May 8, $24 billion of 10-year notes on May 9 and $16 billion of 30-year bonds on May 10.

New York City business activity expanded but at a slower rate in April as the current business conditions index fell from a 13-month high to 61.2 in April from 67.4 in March, according to the Institute for Supply Management-New York’s Report on Business index released Wednesday, .

After “considerable progress” in conditions since the economy tanked, it is “quite hard to justify additional monetary stimulus, absent a dramatic deterioration in economic conditions,” and the current level of accommodation will not be warranted through 2014, Federal Reserve Bank of Richmond president Jeffrey Lacker said Wednesday.

Economic conditions make it “quite hard to justify additional monetary stimulus, absent a dramatic deterioration in economic conditions,” and this level of accommodation will not be warranted through 2014, Federal Reserve Bank of Richmond President Jeffrey M. Lacker said Wednesday.

New York City business activity expanded but at a slower rate in April as the current business conditions index fell from a thirteen-month high to 61.2 in April from 67.4 in March, the Institute for Supply Management-New York’s Report on Business index, released Wednesday, indicated.

The Treasury Department said it will sell $72.0 billion in its quarterly refunding to raise $36.7 billion new cash.

The overall economy grew for the 35th straight time, while the manufacturing sector expanded for the 33d time, the Institute for Supply Management reported Tuesday.

Economic conditions, not the calendar, should drive monetary policy and the Fed needs to watch out for “inflation and further distortions” created by the accommodative policy that’s been in force for more than three years, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Tuesday.

The Treasury Department Tuesday auctioned $30 billion of four-week bills at a 0.080% high yield, a price of 99.993778.

The Treasury Department Tuesday auctioned $26 billion of 364-day bills at a 0.185% high yield, a price of 99.812944.

The overall economy grew for the thirty-fifth straight time, while the manufacturing sector expanded for the thirty-third time, the Institute for Supply Management reported Tuesday.

Texas factory activity, as measured by the production index, continued to expand, but at a slower pace in April, according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Monday.

The Chicago Purchasing Managers’ Business Barometer dropped to 56.2 in April from 62.2 in March, the National Association of Purchasing Management-Chicago said Monday.

Some domestic banks reported easing their lending standards in the quarter and seeing stronger loan demand, according to the April 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices, released by the Fed Monday.

The Treasury Department announced it expects to borrow $182 billion in the second quarter and $265 billion in the third quarter of 2012, it announced Monday.