Member Services Desk
Weekly Market Update
We are pleased to announce the launch of our Member Services Desk (MSD) Weekly Market Update. In response to member feedback and in an effort to provide our membership with valuable insight to help further your business goals, the MSD Weekly Market Update is designed to provide insight into current market trends and news and will be released every Monday.
If you would like to receive the MSD Weekly Market Update in .pdf format (includes FHLBNY rate charts) or to discuss this content further, please email the MSD Team.
Recent Weekly Market Updates
Last week’s economic soundings for March topped consensus expectations by considerable margins. That trend is likely to continue over the course of this month, especially with reports on retail sales, industrial production, and new residential building activity. The upcoming slate of indicators will be light, however. Echoing the upbeat manufacturing measure, the Institute for Supply Management’s (ISM) index of service-producing activity may have risen to an all-time high in March. Online job postings suggest that available positions probably crossed the 7mn mark in February.
Market participants will contend with an active data calendar in the days ahead. Except for a weather-related pullback in pending home sales, the latest soundings are expected to be positive. Home prices probably moved higher at the beginning of 2021. Consumer sentiment likely improved in March, while motor vehicle purchases rebounded sharply…
With the March FOMC meeting and attendant pre-gathering blackout period in the rear-view mirror, Fed officials will make almost two dozen public appearances to discuss a variety of timely topics this coming week. Joint appearances by Fed Chair Powell and Treasury Secretary Yellen before the House Financial Services Committee and Senate Banking Committee will be followed closely by market participants. On the economic data front, existing and new homes sales probably moved lower in February…
The upcoming Federal Open Market Committee (FOMC) meeting will be the key event of the week. While acknowledging recent positive developments on the economic and healthcare fronts, the FOMC likely will reiterate that it expects to maintain an accommodative stance on monetary policy, with a federal funds rate target range of 0 to .25%, until it achieves maximum employment…
With no Federal Reserve officials scheduled to make a public appearance and only a handful of comparatively minor economic reports slated to hit the tape, the attentions of market participants likely will be focused on progress towards passing the American Rescue Plan – the Biden Administration’s $1.9trn fiscal relief package…
The content provided in these disclosures is presented as a courtesy to be used only for informational purposes and is not represented to be error free. The FHLBNY makes no representations or warranties of any kind with respect to the content contained herein, such representations and warranties being expressly disclaimed. The FHLBNY is not a financial or investment advisor.
Moreover, the FHLBNY does not represent or warrant that the content of these disclosures is accurate, complete or current for any specific or particular purpose or application. It is not intended to provide nor should anyone consider that it provides legal, accounting, tax or other advice. Such advice should only be rendered in reference to the particular facts and circumstances appropriate to each situation. The FHLBNY encourages you to contact appropriate professional(s) and consultant(s) to assess your specific needs and circumstances and to render such advice accordingly. In addition, the FHLBNY is not endorsing or recommending the use of the means or methods contained in or through these disclosures for any special or particular purpose.
It is solely your responsibility to evaluate the risks or merits of any funding or investment strategy. In no event will FHLBNY or any of its officers, directors or employees be liable for any damages — whether direct, indirect, special, general, consequential, for alleged lost profits, or otherwise – that might result from any use of or reliance on these materials.