Three Things To Know Today
1. New Internal Transfer Service | Learn More at Our Upcoming Webinars!
We are launching a new internal transfer service in eBanking this May and are hosting two webinars (May 2 and May 7) to summarize the internal transfer service updates, walk through the new features, and answer questions. Register for the first webinar though the link above and visit the eBanking message center through fhlbc.com to learn more.
2. Advance
Discounts Extended Through April 2024 - Call to Take Advantage
In our ongoing commitment to support your liquidity
needs, we are extending our long-term, 5 basis point (bps) discount on
callable, fixed-rate, and amortizing advances through April 30, 2024. To take
advantage of this, you need to call us directly at 855.345.2244, option 1.
3. Spring Pricing Special for Affordable and Sustainable Homeownership
To help alleviate overall market pressures and improve housing affordability, we are offering a spring pricing special on certain low loan balance loans, which often support low and very low income borrowers or borrowers located in lower income areas.
Market Commentary
Equities finished mixed while Treasuries retreated as Federal Reserve (Fed) officials reiterated their expectations for a slower path to easing. Yields increased modestly overnight, and Treasuries continued to sell-off after markets opened. Both Atlanta Fed President Raphael Bostic and New York Fed President John Williams mentioned not feeling a need to rush rate cuts, and Williams stated a hike could be considered if the data suggested it was needed. Yields ended 3-6 bps higher across the curve.
Initial jobless claims were 212K for the week ending April 13, which was flat compared to the week prior and in-line with consensus expectations. Continuing claims were 1.812M for the week ending April 6, which was up 2K from the prior week's downwardly revised level. The insured unemployment rate remained unchanged at 1.2%.
Existing home sales fell 4.3% in March to a seasonally adjusted annual rate of 4.19M. This follows February's 9.5% increase. The inventory of unsold existing homes grew 4.7% to a 3.2-months’ supply while the median existing home sales price rose to $393,500. This marks the ninth consecutive month of price increasing. Year-over-year existing home sales are down 3.7%.
Disclaimer
The data and valuations provided in this document are for information purposes only and are provided as an accommodation and without charge. The Federal Home Loan Bank of Chicago makes no representations or warranties about the accuracy or suitability
of any information in this document. This document is not intended to constitute legal, investment, or financial advice or the rendering of legal, consulting, or other professional services of any kind.
