The Week Ahead, May 1, 2023: The Fed, Jobs Reports; and Countdown to MBA Spring Conferences
Good morning and happy Monday! Here’s what’s happening this week:
The Fed. The Federal Open Market Committee holds its regularly scheduled policy meeting this Tuesday, May 2 and Wednesday, May 3, issuing its policy statement at 2:00 p.m. ET on Wednesday.
Consensus—if there is such a thing—among economists and pundits is that the FOMC will raise the federal funds rate by another 25 basis points, to 5.00-5.25 percent.
And then what? Well, MBA Chief Economist Mike Fratantoni will provide commentary and analysis of the FOMC actions in the Thursday, May 4 edition of MBA NewsLink.
Countdown to MBA Spring Conferences. The MBA Legal Issues & Regulatory Compliance Conference is coming up, running May 7-10 in Austin, Texas. For more information, click here.
And on May 9-12: MBA Commercial/Multifamily Housing Servicing and Technology Conference takes place in Chicago. MBA Commercial/Multifamily NewsLink and MBA NewsLink will provide onsite coverage. For more information, click here.
MBA Reports. On Wednesday, May 3,MBA releases its Weekly Mortgage Applications Survey, with MBA Vice President and Deputy Chief Economist Joel Kan providing commentary and analysis.
Other Economic Reports. Jobs reports dominate this week. Here are this week’s reports; those that MBA NewsLink will cover are in italics:
—Monday: Construction; Institute for Supply Management Manufacturing Index
—Tuesday: CoreLogic Home Price Index; JOLTS; Manufacturing, Shipments and Orders
—Wednesday: MBA Weekly Applications Survey; Institute for Supply Management Non-Manufacturing Index
—Thursday: Initial Claims; Trade Balance
—Friday: Employment Situation
Congress. The Senate meets the first half of this week; the House is not in session and returns next week. The Senate Banking Committee holds three hearings this week:
On Tuesday, May 2, the Banking Committee holds a hearing, Reauthorization of the National Flood Insurance Program: Improving Community Resilience. Patty Hernandez, Executive Director of Headwaters Economics, is scheduled to testify. The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building Room 538 and can be accessed online here.
Also on Tuesday, May 2, the Banking Subcommittee on Housing, Transportation and Community Development holds a hearing on Rural Housing Legislation.
Slated to testify: Natalie N. Maxwell, Managing Attorney, National Housing Law Project; David Lipsetz, President and CEO, Housing Assistance Council; and. Anne Mavity, Executive Director, Minnesota Housing Partnership. The hearing begins at 2:45 p.m. ET in 538 Dirksen and can be accessed online here.
On Thursday, May 4, the Banking Committee holds a hearing on Holding Executives Accountable After Recent Bank Failures.
Scheduled to testify: Da Lin, Assistant Professor of Law, University of Richmond School of Law; and Professor Heidi Mandanis Schooner, Professor of Law, Columbus School of Law, The Catholic University of America.
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 here. For more information about upcoming hearings in the House Financial Services Committee, click here.
And finally, MBA Conferences. Here’s a list of upcoming MBA conferences:
May 7-10: MBA Legal Issues & Regulatory Compliance Conference, Austin, Texas. For more information, click here.
May 9-12: MBA Commercial/Multifamily Housing Servicing and Technology Conference, Chicago. For more information, click here.
May 21-24: MBA Secondary and Capital Markets Conference & Expo, New York. For more information, click here.
June 4-7: MBA Chairman’s Conference, Manalapan, Fla. For more information, click here.
June 5-8: MISMO Spring Summit, Portland, Ore. For more information, click here.
Sept. 10-12: MBA Regulatory Compliance Conference, Washington, D.C. For more information, click here.
Sept. 11-13: MBA Risk Management, QA and Fraud Prevention Forum, Phoenix. For more information, click here.
Oct. 14: mPowering You: MBA’s Summit For Women in Real Estate Finance, Philadelphia. For more information, click here.
Oct. 15-18: MBA Annual Convention & Expo, Philadelphia. For more information, click here.
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!
