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August 26, 2026
August 25, 2026
FOMC Discount Rate minutes show four districts backed a July hike
August 25, 2026 6:44 PM UTC
Minutes from the Fed’s discount rate meetings shortly before the July FOMC meeting show a not very hawkish 4 votes (out of 12) to increase the Discount Rate, from the Cleveland, Dallas, Kansas City and Minneapolis Feds.
Preview: Due September 1 - U.S. August ISM Manufacturing - Still strong if a little less so
August 25, 2026 4:04 PM UTC
We expect modest slippage in August’s ISM manufacturing index to 55.0 from 55.6, a level that was the highest since May 2022. August’s level will remain above June’s 53.3 and keep every month in 2026 to date clearly positive, contrasting a 10-month string of negatives ending in December 2025.?
Bessent’s Buybacks - bluster, bazooka or brittle bet?
August 25, 2026 3:57 PM UTC
* Bessent’s buybacks – bazooka or peashooter? It depends on whether it’s a slippery slope. On current proposed scale, possibly only absorbs around 10% or so of gross long end Treasury issuance on duration basis
* Mooted TGA use is not a free $1trn money pot, though it could provide some short-t