The Daily Advisor: April 16, 2024
Three Things To Know Today
1. April 25 | Next Institutional Insights Webinar
Join our FHLBank Chicago Solutions team on April 25 for our Institutional Insights Webinar. In our April presentation, we will focus on current market trends, rates, and an update on the economy as Q2 gets underway.
2. What Is This Late Default Reporting Fee, and How Can I Avoid It?
Late default reporting fees are assessed to participating financial institutions (PFIs) and servicers who fail to upload a complete and accurate Exhibit B on time. In our new white paper, we review the default reporting requirements and offer common causes of the late default reporting fee and their corresponding remedies.
3. Community First® April 2024 Newsletter
The April edition of our Community First Newsletter is available! Learn the latest happenings from our Community Investment team, including a feature on our Community First Housing Counseling Resource Program, a Affordable Housing Program (AHP) General Fund update, and increased funding for our Downpayment Plus® (DPP®) program.
Market Commentary
Treasuries sold-off and equities extended their losses as expectations of rate cuts continued to decline. Yields opened higher and continued to climb after retail sales data showed a larger than expected increase in March. Shorter tenors led a reversal mid-morning as concerns of a response attack from Israel grew. Yields across the curve finished 5-13 basis points (bps) higher, led by longer tenors.
Retail sales rose by 0.7% in March, beating expectations of 0.4% as consumers continue to spend. February's increase was upwardly revised from a 0.6% increase to 0.9%. Excluding auto, retail sales jumped 1.1% in March after rising 0.6% in February. Year-over-year sales are up 4.0% while sales excluding auto are up 4.3%.
The NY Empire State Manufacturing Index was -14.3 in April, an improvement from -20.9 in March but still below expectations of -9 for the month. Activity continued to contract as both the new orders and shipments declined and the labor market index weakened during the month.