The Week Ahead—June 15, 2021
Good morning! While Congress continues to work out a compromise on infrastructure legislation, eyes shift to Foggy Bottom, where the Federal Open Market Committee meets this week to figure out if inflation has become a problem.
The FOMC meets this Tuesday, June 16 and Wednesday, June 17, issuing its policy statement at 2:00 p.m. ET on Wednesday. While the Committee is expected to leave the federal funds rate unchanged at 0-0.125 percent, it is expected to address recent developments on inflation. Last week the Labor Department reported its May Consumer Price Index jumped by 5 percent year over year, the fastest pace in 13 years.
Mortgage Bankers Association Chief Economist Mike Fratantoni will provide commentary and analysis on the FOMC meeting in the Thursday, June 18 edition of MBA NewsLink.
MBA releases its weekly Forbearance & Call Volume Survey today. The survey has shown drops in loans in forbearance for 14 consecutive weeks. The report comes out at 4:00 p.m. ET.
MBA also releases its monthly Builder Applications Survey this Tuesday, June 16; and its Weekly Mortgage Applications Survey this Wednesday, June 17.
The MBA Builder Applications Survey kicks off busy two weeks of housing reports. Also on Tuesday, the National Association of Home Builders and Wells Fargo release their monthly Housing Market Index, which measures home builder confidence in the housing market. On Wednesday, June 16, HUD and the Census Bureau release the monthly New Residential Construction report for May, which measures housing starts, housing permits and housing completions. MBA Associate Vice President for Economic and Industry Forecasting Joel Kan will provide commentary.
Looking ahead to next week, the housing reports continue on Tuesday, June 22 with the Existing Home Sales report from the National Association of Realtors. On Wednesday, June 23, HUD and the Census Bureau release the monthly New Residential Sales report.
Other reports of interest this week: Advance Retail Sales (Tuesday); Empire State Manufacturing Survey (Tuesday); Industrial Production and Capacity Utilization (Tuesday); Business Inventories (Tuesday); Imports/Exports (Wednesday); Initial Claims (Thursday); and the Philadelphia Fed Manufacturing Report (Thursday)
On Capitol Hill this week, the Senate Banking Committee holds a hearing on Tuesday, June 15 on “21st Century Communities: Local Leaders on the Infrastructure Needs Facing America’s States, Cities and Towns.” Slated to testify: Akron, Ohio Mayor Daniel Horrigan. The remote hearing begins at 10:00 a.m. ET and can be accessed online here.
On Thursday, June 17, the Banking Committee holds a hearing on “Reauthorization of the National Flood Insurance Program, Part II.” Scheduled to testify: David Maurstad of the Federal Emergency Management Agency. The hearing takes place at 10:00 a.m. ET in Dirksen Senate Office Building and can be accessed online here.
On the other side of the Capitol, the House Financial Services Subcommittee on Housing, Community Development and Insurance holds a hearing on Wednesday, June 16 on “Flexible Federal Funding: Examining the Community Development Block Grant Program and Its Impact on Addressing Local Challenges.” The remote hearing begins at 10:00 and can be accessed online here.
Registration is now open for the MBA Annual Convention & Expo, taking place Oct. 17-20 at the San Diego Convention Center. The largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators.
Be inspired and get informed by engaging speakers on the Main Stage; meet with hundreds of exhibitors in THE HUB and get hands-on access to the latest products and services; dive deep into Breakout Sessions to get the insight you need on all the facets of the business; connect with industry peers through unparalleled networking opportunities; Leave with actionable takeaways for future success.
For more information and to register for MBA ANNUAL 21, click here.
For information about upcoming MBA conferences, click here. Launched this spring, MBA LIVE brings you dynamic keynotes and informative panel discussions you’ve come to rely on from MBA. We’ll be adding even more opportunities to engage with speakers, industry colleagues, and the many vendors and service providers that help keep your business moving forward. Visit mba.org/MBALIVE for the latest information on these events.
For the latest on how the coronavirus is affecting our industry, our health and our economy, visit the MBA Coronavirus Resource Center. And you can also visit the newly created members-only online network, MBA’s COVID-19 Residential Policy Community, at https://bit.ly/2QEVpUZ. #MBAWorkingForYou #MBACOVIDUpdates
For the most up-to-date information regarding legislative activity at the state and local level, visit the MBA State Legislative Database here.
For information about MBA Education events, visit http://www.mbaeducation.org.
For information about the National Association of Minority Mortgage Bankers of America (NAMMBA), visit https://www.nammba.org/.