April 26, 2023 Headlines

Treasury yields are nearly unchanged this morning as renewed concerns over regional bank health. First Republic Bank’s shares fell 49% yesterday following news that the bank is considering $100 billion of asset sales and would try to entice buyers to pay an above market price by giving warrants or preferred equity.

On the data front, durable goods orders were up 3.2% in March, much higher than the median forecast of 0.7%. The uptick was attributed to Boeing receiving 60 orders in March. Excluding defense and aircraft spending, capital goods orders fell by 0.4% in March. Mortgage applications rose by 3.7% last week while the 30-year contract rate increased by 12 bps to 6.55%.

Hafizan Hamzah
Senior Director, Investment Management Group

04/24/23Chicago Fed Nat Activity Index-0.19-0.19
04/24/23Revisions: Retail Sales, Inventories
04/24/23Dallas Fed Manf. Activity-23.4-15.7
04/25/23Philadelphia Fed Non-Manufacturing Activity-22.8-12.8
04/25/23FHFA House Price Index MoM0.50%0.20%0.10%
04/25/23S&P CoreLogic CS 20-City MoM SA0.06%-0.43%-0.39%
04/25/23S&P CoreLogic CS 20-City YoY NSA0.36%2.55%2.58%
04/25/23S&P CoreLogic CS US HPI YoY NSA2.05%3.79%3.75%
04/25/23New Home Sales683k640k623k
04/25/23New Home Sales MoM9.60%1.10%-3.90%
04/25/23Conf. Board Consumer Confidence101.3104.2104
04/25/23Conf. Board Present Situation151.1151.1148.9
04/25/23Conf. Board Expectations68.17374
04/25/23Richmond Fed Manufact. Index-10-5
04/25/23Richmond Fed Business Conditions-27-17
04/25/23Dallas Fed Services Activity-14.4-18
04/26/23MBA Mortgage Applications3.70%-8.80%
04/26/23Advance Goods Trade Balance-$84.6b-$91.6b-$92.0b
04/26/23Wholesale Inventories MoM0.10%0.10%
04/26/23Retail Inventories MoM0.70%0.80%0.30%
04/26/23Durable Goods Orders3.20%-1.00%-1.20%
04/26/23Durables Ex Transportation0.30%-0.10%-0.30%
04/26/23Cap Goods Orders Nondef Ex Air-0.40%-0.10%-0.70%
04/26/23Cap Goods Ship Nondef Ex Air-0.40%-0.10%-0.40%
04/27/23Initial Jobless Claims245k
04/27/23Continuing Claims1865k
04/27/23GDP Annualized QoQ2.60%
04/27/23Personal Consumption1.00%
04/27/23GDP Price Index3.90%
04/27/23Core PCE QoQ4.40%
04/27/23Pending Home Sales MoM0.80%
04/27/23Pending Home Sales NSA YoY######
04/27/23Kansas City Fed Manf. Activity0
04/28/23Employment Cost Index1.00%
04/28/23Personal Income0.30%
04/28/23Personal Spending0.20%
04/28/23Real Personal Spending-0.10%
04/28/23PCE Deflator MoM0.30%
04/28/23PCE Deflator YoY5.00%
04/28/23PCE Core Deflator MoM0.30%
04/28/23PCE Core Deflator YoY4.60%
04/28/23MNI Chicago PMI43.8
04/28/23U. of Mich. Sentiment63.5
04/28/23U. of Mich. Current Conditions68.6
04/28/23U. of Mich. Expectations60.3
04/28/23U. of Mich. 1 Yr Inflation4.60%
04/28/23U. of Mich. 5-10 Yr Inflation2.90%
04/28/23Kansas City Fed Services Activity-4

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