The week's macro calendar is anchored by the release of FOMC June meeting minutes, which investors will parse for signals on the pace of QT, any shift in the Fed's reaction function, and committee consensus around the timing of rate cuts. Other scheduled events include index rebalancing effects from SpaceX's addition to the Nasdaq 100, which is primarily an equity market event.
For Armada's traditional repo desk, the FOMC minutes are the key item. Any language suggesting a slower QT taper or a floor change for the Fed RRP rate would directly affect overnight repo pricing, SOFR fixings, and demand at Treasury auctions — all inputs to Armada's rate and spread assumptions for the coming weeks.