Wednesday's Events: Paulson to Give TARP Update; Fed Speakers & Bond Auctions

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Comments from the U.S. Treasury Department on the TARP Program, some Fed speakers, and bond auctions from Canada and the United States are the main highlights of the day's macroeconomic data docket.

An update from U.S. Treasury Secretary Henry Paulson on the TARP program at 10:30 a.m. EST is the main highlight of the day after the Wall Street Journal revealed the government was considering requirements on firms to raise public capital to qualify for the program. Paulson might also confirm that no auctions will be held to buy debt.

Fed speakers are in the spotlight once again with Vice Chairman Donald Kohn speaking on financial services at a conference in Luxembourg at 11 a.m. EST, and Gary Stern from the Minneapolis Fed (voter) speaking at the Minnesota Women's Economic Roundtable in Minneapolis at 1 p.m. EST. Stern's speech is not supposed to be released to the public.

This conference in Luxembourg will also be attended by European Central Bank President Jean-Claude Trichet, ECB Executive Board member Jurgen Stark and Eurogroup President Jean-Claude Juncker.

Government debt is also in focus with the Bank of Canada selling C$4.5 billion in 2013.06.01, 3.500% bonds at 10:30 a.m. EST and the U.S. Treasury selling $20 billion in ten-year notes at 1 p.m. EST.

10:15 CA Finance Minister Flaherty Speaks at Business Round Table

10:30 US Treasury Secretary Paulson Gives TARP Update

10:30 CA BOC Sells C$15B in Cash Management Bills

11:00 US Fed Vice-Chairman Donald Kohn speaks on Financial Services in Luxembourg

11:15 CA BOC Buys Back C$500M in Various Government Securities

11:30 US Treasury to Sell $34B 4-Week Bills

12:00 CA BOC Sells C$4.5B in 2013.06.01, 3.500% Bonds

13:00 US Minneapolis Fed President Garry Stern speaks in Minneapolis

13:00 US Treasury to Sell $20B 10-Year Notes

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008