April 18, 2023 Headlines

US Treasury rates traded in a narrow range overnight as the market digested updated economic data out of China. While the overall pace of industrial output slowed, both 1Q2023 GDP estimates and retail sales beat analysts’ expectations. Back in the US, the focus has shifted towards the liquidation process for both the Silicon Valley and Signature Bank securities portfolios. The combined entity holds approximately $113bln current face concentrated in conventional MBS pass-throughs (46.2%), Agency CMO’s (16.5%), and Agency CMBS (12.7%). Sales will be made on a “gradual and orderly basis” to reduce the market impact. Subject to trading conditions, the FDIC will target approximately $1.5bln to $2bln per week with MBS first on the chopping block.

Chris Eckhoff
Director, Investment Management Group

4/17/2023Empire Manufacturing-1810.8-24.6
4/17/2023NAHB Housing Market Index454544
4/17/2023Net Long-term TIC Flows$71.0b$31.9b
4/17/2023Total Net TIC Flows$28.0b$183.1b$183.2b
4/18/2023Housing Starts1400k1420k1450k1432k
4/18/2023Building Permits1450k1413k1524k1550k
4/18/2023Housing Starts MoM-3.50%-0.80%9.80%7.30%
4/18/2023Building Permits MoM-6.50%-8.80%13.80%15.80%
4/18/2023New York Fed Services Business Activity-9.8-10.1
4/19/2023MBA Mortgage Applications5.30%
4/19/2023Federal Reserve Releases Beige Book
4/20/2023Initial Jobless Claims240k239k
4/20/2023Continuing Claims1825k1810k
4/20/2023Philadelphia Fed Business Outlook-19-23.2
4/20/2023Existing Home Sales4.50m4.58m
4/20/2023Existing Home Sales MoM-1.80%14.50%
4/20/2023Leading Index-0.70%-0.30%
4/21/2023Bloomberg April United States Economic Survey
4/21/2023S&P Global US Manufacturing PMI4949.2
4/21/2023S&P Global US Services PMI51.552.6
4/21/2023S&P Global US Composite PMI51.252.3

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