Gary Siegel

“Service sector activity retreated in August,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday, “Retail sales fell, as shopper traffic declined and big-ticket sales dropped. Retail inventories inched up. Revenues at non-retail services firms also edged higher, compared to July. Retailers had a bleak outlook for sales in the six months ahead, while survey participants at non-retail firms were mildly optimistic about demand for their services.”

“Manufacturing activity in the central Atlantic region pulled back in August after stalling in July,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond. “The index of overall activity was pushed lower as growth in new orders and shipments declined further into negative territory. Employment remained in positive territory but grew at a pace below July's rate. Other indicators also suggested weakening activity.”

Tender rates for the Treasury Department's latest 92-day and 182-day discount bills were lower, as the three-months incurred a 0.015% high rate, down from 0.035% the previous week, and the six-months incurred a 0.045% high rate, off from 0.080%.

The Chicago Fed National Activity Index for July improved to negative 0.06 from a revised negative 0.38 reading in June, while the three-month moving average narrowed to negative 0.29 in July from June's revised negative 0.54, the Federal Reserve Bank of Chicago reported Monday.

Tender rates for the Treasury Department’s latest 92-day and 182-day discount bills were lower, as the three-months incurred a 0.015% high rate, down from 0.035% the prior week, and the six-months incurred a 0.045% high rate, down from 0.080% the week before.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

The Chicago Fed National Activity Index for July improved to negative 0.06 from a revised negative 0.38 reading in June, while the three-month moving average (CFNAI-MA3) narrowed to negative 0.29 in July, from June’s revised negative 0.54, the Federal Reserve Bank of Chicago reported Monday.

The Federal Open Market Committee was justified in taking the “unprecedented step” of saying it will hold rates down for another two years, according to Federal Reserve Bank of Cleveland president Sandra Pianalto.

The Federal Open Market Committee was justified in taking the “unprecedented step” of saying it will hold rates down for another two years, according to Federal Reserve Bank of Cleveland President Sandra Pianalto.

The Third District’s manufacturing sector “dipped significantly” in August, as the general business conditions index slumped to negative 30.7 from positive 3.2 in July, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates. Economists had predicted a reading of positive 4.0 for the index.

The composite index of leading economic indicators grew 0.5% in July, the Conference Board reported Thursday.

The Treasury Department today auctioned $12 billion of four-year eight-month inflation-indexed notes with a 0.125% coupon, a negative 0.825% high yield, an adjusted price of 106.852530.

The Treasury Department said it will auction $25 billion year bills on Tuesday, August 23.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, August 25.

The Treasury Department said Thursday it will auction $29 billion 91-day bills and $27 billion 182-day discount bills Monday.

The Treasury Department said it will auction $35 billion two-year notes on Tuesday, August 23, and $35 billion five-year notes on Wednesday, August 24.

The region's manufacturing sector “dipped significantly” in August, as the general business conditions index slumped to negative 30.7 from positive 3.2 in July, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.

Existing home sales fell 3.5% in July to a seasonally-adjusted 4.67 million, the lowest level since November, the National Association of Realtors reported Thursday.

The composite index of Leading Economic Indicators grew 0.5% in July, the Conference Board reported Thursday.

Calling the Federal Open Market Committee’s decision “inappropriate policy at an inappropriate time,” and its statement on the economy “excessively negative,” Federal Reserve Bank of Philadelphia president Charles Plosser said he would have liked to wait until September and examine more data before making such a move.