Jobs Report, Treasury Borrowing and the BoE Set Up a Busy Week

Washington tells markets how much it plans to borrow on Wednesday, and how many jobs the economy added in October on Friday. Bitcoin heads into that stretch near $77,359, according to CoinGecko at 6:02 a.m. ET Saturday.

It is the first full week since the Fed held its target range at 3.75% to 4% on Oct. 28, per the Fed's statement. The next Fed meeting is Dec. 8 and 9, per its meeting calendar.

The dates

• Monday, Nov. 2, 3 p.m. ET: Treasury releases its borrowing estimates, per its refunding page.
• Tuesday, Nov. 3, 10 a.m. ET: September job openings (JOLTS), per the BLS calendar.
• Wednesday, Nov. 4, 8:30 a.m. ET: Treasury's quarterly refunding statement.
• Thursday, Nov. 5, 7 a.m. ET: The Bank of England's decision, at noon London time, per its MPC dates. Bank Rate sits at 3.75%. Third-quarter productivity and costs follow at 8:30 a.m. ET.
• Friday, Nov. 6, 8:30 a.m. ET: The October jobs report, per the BLS schedule.

How the refunding works

Every quarter, Treasury says how much it will sell in notes and bonds and how much of that is new cash. In August it offered $125 billion to refund about $96.3 billion of maturing debt, raising about $28.7 billion in new money, per its August statement. Bigger sales mean more bonds for investors to absorb, which can pull cash away from other assets.

Spot bitcoin ETFs saw about $643.2 million in net outflows on Friday, Oct. 30, according to Farside Investors.

In our opinion: The jobs report gets the headlines, but Wednesday's borrowing plan sets the price of money, and nobody throws it a parade. Watch how much new cash Treasury asks for and whether Friday's payrolls move the odds for the Fed's Dec. 9 decision.