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

Date	Event	Actual	Prior	Revised
04/24/23	Chicago Fed Nat Activity Index	-0.19	-0.19	—
04/24/23	Revisions: Retail Sales, Inventories
04/24/23	Dallas Fed Manf. Activity	-23.4	-15.7	—
04/25/23	Philadelphia Fed Non-Manufacturing Activity	-22.8	-12.8	—
04/25/23	FHFA House Price Index MoM	0.50%	0.20%	0.10%
04/25/23	S&P CoreLogic CS 20-City MoM SA	0.06%	-0.43%	-0.39%
04/25/23	S&P CoreLogic CS 20-City YoY NSA	0.36%	2.55%	2.58%
04/25/23	S&P CoreLogic CS US HPI YoY NSA	2.05%	3.79%	3.75%
04/25/23	New Home Sales	683k	640k	623k
04/25/23	New Home Sales MoM	9.60%	1.10%	-3.90%
04/25/23	Conf. Board Consumer Confidence	101.3	104.2	104
04/25/23	Conf. Board Present Situation	151.1	151.1	148.9
04/25/23	Conf. Board Expectations	68.1	73	74
04/25/23	Richmond Fed Manufact. Index	-10	-5	—
04/25/23	Richmond Fed Business Conditions	-27	-17	—
04/25/23	Dallas Fed Services Activity	-14.4	-18	—
04/26/23	MBA Mortgage Applications	3.70%	-8.80%	—
04/26/23	Advance Goods Trade Balance	-$84.6b	-$91.6b	-$92.0b
04/26/23	Wholesale Inventories MoM	0.10%	0.10%	—
04/26/23	Retail Inventories MoM	0.70%	0.80%	0.30%
04/26/23	Durable Goods Orders	3.20%	-1.00%	-1.20%
04/26/23	Durables Ex Transportation	0.30%	-0.10%	-0.30%
04/26/23	Cap Goods Orders Nondef Ex Air	-0.40%	-0.10%	-0.70%
04/26/23	Cap Goods Ship Nondef Ex Air	-0.40%	-0.10%	-0.40%
04/27/23	Initial Jobless Claims	—	245k	—
04/27/23	Continuing Claims	—	1865k	—
04/27/23	GDP Annualized QoQ	—	2.60%	—
04/27/23	Personal Consumption	—	1.00%	—
04/27/23	GDP Price Index	—	3.90%	—
04/27/23	Core PCE QoQ	—	4.40%	—
04/27/23	Pending Home Sales MoM	—	0.80%	—
04/27/23	Pending Home Sales NSA YoY	—	######	—
04/27/23	Kansas City Fed Manf. Activity	—	0	—
04/28/23	Employment Cost Index	—	1.00%	—
04/28/23	Personal Income	—	0.30%	—
04/28/23	Personal Spending	—	0.20%	—
04/28/23	Real Personal Spending	—	-0.10%	—
04/28/23	PCE Deflator MoM	—	0.30%	—
04/28/23	PCE Deflator YoY	—	5.00%	—
04/28/23	PCE Core Deflator MoM	—	0.30%	—
04/28/23	PCE Core Deflator YoY	—	4.60%	—
04/28/23	MNI Chicago PMI	—	43.8	—
04/28/23	U. of Mich. Sentiment	—	63.5	—
04/28/23	U. of Mich. Current Conditions	—	68.6	—
04/28/23	U. of Mich. Expectations	—	60.3	—
04/28/23	U. of Mich. 1 Yr Inflation	—	4.60%	—
04/28/23	U. of Mich. 5-10 Yr Inflation	—	2.90%	—
04/28/23	Kansas City Fed Services Activity	—	-4	—

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