The Week Ahead, Mar. 20, 2023: The Fed and More Housing Reports
Good morning and happy Monday; spring is literally around the corner. It’s going to be a busy week, so let’s jump right in:
The Fed. The Federal Open Market Committee meets this Tuesday, Mar. 21 and Wednesday, Mar. 22 amid remarkable conditions: persistent inflation, persistent job and wage growth, persistent economic volatility—and, as of last week, the collapse of two major financial institutions (Silicon Valley Bank and Signature Bank) and shaky conditions with at least two other institutions (Credit Suisse and First Republic).
Amid this backdrop, the FOMC meets to decide whether to continue to raise the federal funds rate without doing harm. Consensus suggests the FOMC will raise the federal funds rate by another 25 basis points, to 4.75-5 percent, its highest rate since 2009.
MBA Chief Economist Mike Fratantoni will provide analysis and commentary on the FOMC action in the Thursday, Mar. 23 edition of MBA NewsLink.
MBA Reports. MBA leads the parade of economic reports this week with its monthly Loan Monitoring Survey, coming out at 4:00 p.m. ET today (Monday). MBA Vice President of Economic Analysis Marina Walsh, CMB, will provide commentary and analysis in the Tuesday, Mar. 21 edition of NewsLink.
On Wednesday, Mar. 22, MBA releases its Weekly Mortgage Applications Survey, with commentary and analysis from MBA Vice President and Deputy Chief Economist Joel Kan.
On Thursday, Mar. 23, MBA issues its monthly Purchase Applications Payment Index, with commentary and analysis from MBA Associate Vice President of Housing Economics Edward Seiler.
And if you haven’t yet checked out the MBA State of the Association, featuring a look back at key issues affecting the real estate finance industry in 2022 and the economic and policy outlook for 2023, please do so by clicking the link above.
Other Economic Reports. More housing reports dominate this week. Those reports MBA NewsLink will cover are in italics:
—Monday: MBA Loan Monitoring Survey
—Tuesday: Existing Home Sales; Philadelphia Fed Non-Manufacturing Survey
—Wednesday: MBA Weekly Applications Survey
—Thursday: MBA Purchase Applications Payment Index; Initial Claims; New Residential Sales; Chicago Fed National Activity Index
—Friday: Advance Durable Goods
Congress. The House and Senate are in session this week; neither the Senate Banking Committee nor the House Financial Services Committee hold hearings pertaining to the real estate finance industry this week.
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.
And finally, MBA Conferences. Here’s a list of upcoming MBA conferences:
Apr. 2-5: MBA Technology Solutions Conference & Expo, San Jose Convention Center. For more information and to register, click here.
Apr. 17-18: MBA State & Local Workshop, Washington, D.C. For more information, click here.
Apr. 18-19: MBA National Advocacy Conference, Washington, D.C. Fore more information, click here.
Apr. 26-27: MBA Commercial/Multifamily Human Resources Roundtable 2023. For more information, click here.
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!
