Gary Siegel

Nearly one-third of Federal Open Market Committee members expect the next policy firming will be in 2014, with almost as many seeing the first tightening in 2015, according to projections released Wednesday by the Fed.

The Treasury Department auctioned $35 billion of five-year notes, with a 7/8% coupon, a 0.899% high yield, a price of 99.882914.

Pending home sales slipped 3.5% to an index reading of 96.6 in December after an unrevised 7.3% increase to 100.1 in November, according to a report released Wednesday by the National Association of Realtors.

The Treasury Department Wednesday auctioned $30 billion of four-week bills at a 0.020% high yield and a price of 99.998444.

The Treasury Department today auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.250% yield and priced at par.

“Service sector activity continued to improve overall in January,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday. “Retail sales accelerated despite a sharp fall in big-ticket sales and declining shopper traffic.”

“Manufacturing activity in the central Atlantic region advanced somewhat faster in January after firming somewhat in December,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond. “All broad indicators — shipments, new orders and employment — landed in positive territory, with manufacturers noting their first increase in worker numbers since September 2011.”

The Treasury Department today auctioned $35 billion of two-year notes with a 1/4% coupon at a 0.250% yield, a price of par.

The Treasury Department Wednesday auctioned $30 billion of four-week bills at a 0.020% high yield, a price of 99.998444.

“Service sector activity continued to improve overall in January,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday, “Retail sales accelerated, despite a sharp fall in big-ticket sales and declining shopper traffic.”

“Manufacturing activity in the central Atlantic region advanced somewhat faster in January after firming somewhat in December,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond. “All broad indicators — shipments, new orders and employment — landed in positive territory, with manufacturers noting their first increase in worker numbers since September 2011.”

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.040% high rate, up from 0.025% the previous week, and the six-months incurred a 0.070% high rate, up from 0.060%.

Tender rates for the Treasury Department’s latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.040% high rate, up from 0.025% the prior week, and the six-months incurred a 0.070% high rate, up from 0.060% the week before.

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

Much attention will be paid to the Jan. 24-25 Federal Open Market Committee meeting, as, for the first time, members will express their predictions regarding the future federal funds rate target.

Much attention will be paid to the Jan. 24-25 Federal Open Market Committee meeting as for the first time members will express their predictions regarding the future federal funds rate target.

The region’s manufacturing showed moderate expansion in January, as the general business conditions index climbed to 7.3 from 6.8 in December, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.

The Treasury Department sold $15 billion of inflation-indexed 10-year TIPs at a negative 0.046% yield, an adjusted price of 101.661834, with a 1/8% coupon.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, Jan. 26.

The Treasury Department said it will auction $35 billion two-year notes on Tuesday, Jan. 24, and $35 billion five-year notes on Wednesday, Jan. 25.