The Week Ahead, May 2, 2022: The Fed Ponders Another Rate Hike and 5 Other Things to Know
Good morning and happy Monday! Here’s what’s happening in the real estate finance world this week:
First, the Fed. These Federal Open Market Committee policy meetings come up fast, don’t they? It seems like just, oh, six weeks ago, that the FOMC raised the federal funds rate for the first time since 2018. Now, as the FOMC gathers in Washington on Tuesday for its regularly scheduled meeting, the question isn’t whether it will raise rates again, but by how much.
Analysts suggest the FOMC could approve a 50-basis-point increase on Wednesday; heck, even Federal Reserve Chairman Jerome Powell has all but telegraphed it. But we’ll have to wait until Wednesday to find out sure.
MBA NewsLink will provide coverage in its Thursday, May 5 edition, with analysis and commentary from MBA Chief Economist Mike Fratantoni.
Second, the MBA Mid-May Conferences. MBA offers a double-shot of conferences from May 15-18:
The MBA Secondary & Capital Markets Conference & Expo returns to the Marriott Marquis in Times Square, New York City. Connecting you with the conference you’ve known and trusted for years. MBA’s Secondary & Capital Markets Conference & Expo is back – live and in person – to better serve your needs. Meet with current and potential business partners at the premier gathering of secondary and capital markets professionals. Join us in NYC for market intel and actionable insights you won’t want to miss.
Confirmed speakers include Sandra Thompson, Acting Director of the Federal Housing Finance Agency; and John C. Williams, President and CEO of the Federal Reserve Bank of New York.
For more information and to register, visit the Conference website.
At the same time, the MBA Commercial/Multifamily Finance Servicing and Technology Conference takes place at the JW Marriott Los Angeles.
CMST brings together the biggest names and brightest minds to discuss relevant issues in 2022 and beyond. Our robust program offers a dynamic balance of networking events and engaging peer-to-peer learning opportunities to inform, engage, and inspire you. Join MBA, industry thought leaders, and your peers in person for the largest and most exclusive event of the year.
For more information and to register, click here.
MBA NewsLink, MBA Servicing NewsLink and MBA Commercial/Multifamily NewsLink will provide on-site coverage at both conferences.
Third, MBA Reports. The MBA Weekly Applications Survey comes out this Wednesday, May 4 (8:00 a.m. ET), with commentary and analysis from MBA Associate Vice President of Economic and Industry Forecasting Joel Kan. And Thursday, May 5 is the tentative release of the monthly MBA Mortgage Credit Availability Index, with commentary and analysis from Kan as well.
Fourth, Other Housing/Economic Reports. The first week of the month means employment reports—four of them.
The fun starts on Tuesday, May 3 with the Job Openings & Labor Turnover Survey, also known as JOLTS, a key measure of how the “Great Resignation” is affecting employers’ ability to attract and retain employees. On Wednesday, ADP releases its National Employment Report; on Thursday, the Labor Department releases its weekly Initial Claims report; and on Friday, the Bureau of Labor Statistics releases its monthly Employment report on April job numbers.
MBA Chief Economist Mike Fratantoni will provide analysis and commentary on the Friday employment report in the Monday, May
Here are this week’s reports; those that MBA NewsLink will cover appear in boldface:
Monday: Construction; Institute for Supply Management Manufacturing Index
Tuesday: CoreLogic Home Price Index; JOLTS; Manufacturing, Shipments & Orders
Wednesday: MBA Weekly Application Survey; ADP National Employment Report; Trade Balance; ISM Non-Manufacturing Index
Thursday: Initial Claims; Productivity & Costs (preliminary)
Friday: Employment Situation
Fifth, Congress. Congress is in session this week; committee work appears to be light over the next two weeks, with only two hearings of peripheral interest in the Senate Banking Committee.
On Wednesday, May 4, the Senate Banking Subcommittee on Financial Institutions and Consumer Protection holds a hearing on Examining Overdraft Fees and Their Effects on Working Families. The hearing begins at 2:30 p.m. ET in Dirksen Senate Office Building room 538 and can be accessed online here.
On Thursday, May 5, the Banking Committee holds a hearing on Examining Student Loan Servicers and Their Impact on Workers. The hearing begins at 10:00 a.m. ET in 538 Dirksen and can be accessed online here.
For more information about the House and Senate, visit www.house.gov and www.senate.gov, respectively. For more information about upcoming hearings in the Senate Banking Committee, click https://www.banking.senate.gov/hearings. For more information about upcoming hearings in the House Financial Services Committee, click https://financialservices.house.gov/calendar/?EventTypeID=577&Congress=117.
Sixth, Upcoming MBA Conferences. Here is a list of upcoming MBA conferences:
May 15-18: MBA Secondary and Capital Markets Conference & Expo, Marriott Marquis, New York
https://www.mba.org/conferences-and-education/secondary-and-capital-markets-conference-and-expo.
May 15-18: MBA Commercial/Multifamily Housing Servicing & Technology Conference, JW Marriott L.A. LIVE, Los Angeles
May 22-25: MBA Legal Issues and Regulatory Compliance Conference, Intercontinental Miami
https://www.mba.org/conferences-and-education/legal-issues-and-regulatory-compliance-conference.
June 6-9: MISMO Spring Summit, Charleston, S.C.
June 12-15: MBA Chairman’s Conference, Carlsbad, Calif.
June 15-16: MBA CREF Market Intelligence Symposium, Online
June 22-23: MBA Single-Family Research & Economics Showcase, Online
September 8-9: MBA Human Resources Symposium 2022, Hilton Arlington, Va.
Sept. 11-13: MBA Risk Management, QA and Fraud Prevention Forum, Grand Hyatt Nashville
Sept.15-17: NAMMBA Connect 2022, Orlando, Fla.
Sept. 18-20: MBA Regulatory Compliance Conference, Grand Hyatt Washington, D.C.
Oct. 22: mPowering You: MBA’s Summit for Women in Real Estate Finance, Music City Center Nashville
Oct. 23-26: MBA Annual Convention and Expo, Music City Center Nashville
Nov. 8-10: MBA Accounting and Financial Management Conference, JW Marriott Phoenix Desert Ridge Resort & Spa Phoenix
For more information, click the links above or visit https://www.mba.org/conferences-and-education/conferences-and-meetings.
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/.
Enjoy the week!
