Daily brief: September 21, 2026
5 releases in the September 21, 2026 editor's cut: Chicago Fed national activity index was -0.04 in August; Board commercial paper; Treasury sold $92 billion of 13-week bills at a 4.015 percent high rate; and 2 more. Each has its own page. 1 further item below.
On their own pages
- Chicago Fed national activity index was -0.04 in August
The Federal Reserve Bank of Chicago published a Chicago Fed National Activity Index of -0.04 for August, after 0.08 in July. The three-month moving average, CFNAI-MA3, was 0.01 after -0.01 in July. The CFNAI Diffusion Index was 0.02 after 0.04 in July. A zero monthly reading has been associated with the national economy expanding at its historical trend rate of growth; negative values with below-average growth. FRED carried the August print at 7:35 a.m. CDT today.
- Board commercial paper: AA nonfinancial overnight 3.87 percent on September 18
The Federal Reserve Board's commercial paper release, posted September 21, reported rates as of September 18. The AA nonfinancial overnight rate was 3.87 percent, unchanged from September 17. The AA financial overnight rate was 3.88 percent, versus 3.87 percent on September 17. The A2/P2 nonfinancial overnight rate was unchanged at 4.04 percent. The AA nonfinancial 30-day rate was 3.95 percent, versus 3.94 percent on September 17.
- Treasury sold $92 billion of 13-week bills at a 4.015 percent high rate
The Treasury Department's 13-week bill auction on September 21 sold $92 billion of 91-day bills (CUSIP 912797TC1) at a high discount rate of 4.015 percent and an investment rate of 4.113 percent. Bid-to-cover was 2.77. Price was 98.985097. Total tenders were $260,775,531,200 and total accepted $98,214,282,200, including $6,214,225,000 accepted by SOMA outside the offering. Last Monday's 13-week bill stopped at a 3.970 percent high discount rate and a 4.066 percent investment rate, with bid-to-cover 2.64. The new bills issue September 24 and mature December 24, 2026.
- Treasury sold $79 billion of 26-week bills at a 4.155 percent high rate
The Treasury Department's 26-week bill auction on September 21 sold $79 billion of 182-day bills (CUSIP 912797WL7) at a high discount rate of 4.155 percent and an investment rate of 4.303 percent. Bid-to-cover was 2.62. Price was 97.899417. Total tenders were $212,036,825,200 and total accepted $84,336,142,700, including $5,336,127,900 accepted by SOMA outside the offering. Last Monday's 26-week bill stopped at a 4.060 percent high discount rate and a 4.203 percent investment rate, with bid-to-cover 2.74. The new bills issue September 24 and mature March 25, 2027.
- Total public debt outstanding was $40.102 trillion on September 18
Treasury Fiscal Data's Debt to the Penny listed total public debt outstanding at 40,101,500,516,712.09 dollars as of September 18, compared with 40,093,343,468,150.50 dollars on September 17. Debt held by the public was 32,401,926,526,743.72 dollars, compared with 32,392,786,557,372.46 dollars on September 17. Intragovernmental holdings were 7,699,573,989,968.37 dollars, compared with 7,700,556,910,778.04 dollars on September 17. The one-day increase of 8,157,048,561.59 dollars mixed a 9.14 billion dollar rise in debt held by the public with a 0.98 billion dollar fall in intragovernmental holdings.
Goolsbee: do not look through persistent supply shocks
Chicago Fed President Austan Goolsbee said today in prepared remarks for an Official Monetary and Financial Institutions Forum event in London that persistent supply shocks should not be looked through. He said the only way to bring inflation down is to raise rates and narrow the gap between supply and demand. He said oil is still around $100 a barrel and that forecasts of when inflation would peak have been pushed from the fourth quarter of 2025 into 2027. If demand overheats, he said there is no ambiguity about how the Fed needs to respond. The views are his own and not necessarily those of the Federal Reserve System or the FOMC.
- Inflation target named in remarks
- 2%
- Oil price cited in remarks
- $100
Source: OMFIF Event: Monetary Policy in an Uncertain World — Federal Reserve Bank of Chicago.
all 2 figures found at the source
- found Inflation target named in remarks = 2% — at Federal Reserve Bank of Chicago
- found Oil price cited in remarks = $100 — at Federal Reserve Bank of Chicago
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