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Author Hafizan Hamzah

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The curve is slightly steeper this morning, with the 10-year higher by roughly 2 bps as the impact of tariffs on the economy and inflation continues to weigh on investor sentiment.

In an interview with Bloomberg this morning, Atlanta Fed President Bostic said he only sees one rate cut this year due to a “bumpy” path for disinflation as tariffs could put upward pressure on prices. Later in the interview, Bostic stated that he’d prefer to keep rates unchanged rather than make a move and have to correct and retrace their steps.

Hafizan Hamzah
Senior Director, Investment Management Group

DateEventSurv(M)ActualPrior
3/25/2025Building Permits1455k1459k1456k
3/25/2025Building Permits MoM-0.10%-1.00%-1.20%
3/25/2025Philadelphia Fed Non-Manufacturing Activity     —-32.5-13.1
3/25/2025FHFA House Price Index MoM0.30%0.20%0.40%
3/25/2025S&P CoreLogic CS 20-City MoM SA0.40%0.46%0.52%
3/25/2025S&P CoreLogic CS 20-City YoY NSA4.80%4.67%4.48%
3/25/2025S&P CoreLogic CS US HPI YoY NSA     —4.08%3.92%
3/25/2025New Home Sales680k     —657k
3/25/2025New Home Sales MoM3.50%     —-10.50%
3/25/2025Conf. Board Consumer Confidence94     —98.3
3/25/2025Conf. Board Present Situation     —     —136.5
3/25/2025Conf. Board Expectations     —     —72.9
3/25/2025Richmond Fed Manufact. Index1     —6
3/25/2025Richmond Fed Business Conditions     —     —1
3/26/2025MBA Mortgage Applications     —     —-6.20%
3/26/2025Durable Goods Orders-1.00%     —3.20%
3/26/2025Durables Ex Transportation0.20%     —0.00%
3/26/2025Cap Goods Orders Nondef Ex Air0.20%     —0.80%
3/26/2025Cap Goods Ship Nondef Ex Air0.30%     —-0.30%
3/27/2025GDP Annualized QoQ2.30%     —2.30%
3/27/2025Personal Consumption4.20%     —4.20%
3/27/2025GDP Price Index2.40%     —2.40%
3/27/2025Core PCE Price Index QoQ2.70%     —2.70%
3/27/2025Advance Goods Trade Balance-$138.0b     —-$153.3b
3/27/2025Wholesale Inventories MoM0.70%     —0.80%
3/27/2025Retail Inventories MoM0.60%     —-0.10%
3/27/2025Initial Jobless Claims225k     —223k
3/27/2025Continuing Claims1885k     —1892k
3/27/2025Pending Home Sales MoM1.00%     —-4.60%
3/27/2025Pending Home Sales NSA YoY     —     —-5.20%
3/27/2025Kansas City Fed Manf. Activity-5     —-5
3/28/2025Personal Income0.40%     —0.90%
3/28/2025Personal Spending0.50%     —-0.20%
3/28/2025Real Personal Spending0.30%     —-0.50%
3/28/2025PCE Price Index MoM0.30%     —0.30%
3/28/2025PCE Price Index YoY2.50%     —2.50%
3/28/2025Core PCE Price Index MoM0.30%     —0.30%
3/28/2025Core PCE Price Index YoY2.70%     —2.60%
3/28/2025Bloomberg March United States Economic Survey   
3/28/2025U. of Mich. Sentiment57.9     —57.9
3/28/2025U. of Mich. Current Conditions     —     —63.5
3/28/2025U. of Mich. Expectations     —     —54.2
3/28/2025U. of Mich. 1 Yr Inflation     —     —4.90%
3/28/2025U. of Mich. 5-10 Yr Inflation3.80%     —3.90%
3/28/2025Kansas City Fed Services Activity     —     —2

Hafizan Hamzah

Senior Director, Investment Management Group

LinkedIn

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