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Jefferies economist Ward...........>

US TSYS/RESEARCH
US TSYS/RESEARCH: Jefferies economist Ward McCarthy said the "market calendar in
the week ahead will again be busy. Treasury will hold the $62 bln Refunding
auction package of 3yr, 10-yr and 30-yr issues. The Fed calendar of public
appearances will feature a press briefing by NY Fed President Dudley, along with
appearances by regional bank presidents Bullard, Kashkari and Kaplan."
- He adds that "the active data calendar will feature Q2 productivity and Unit
Labor Costs, the JOLTS data and two of the three primary inflation releases. JEF
Economics projects an acceleration in productivity but a deceleration in ULC
relative to Q1, a moderate rise in the PPI and a minimal uptick in the CPI."

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