The Daily Advisor: July 2, 2024
Three Things To Know Today
1. Community Impact Advance – Available July 16
We are excited to share our Community Impact Advance pilot program opens on Tuesday, July 16 - our latest solution designed to amplify community impact. The Community Impact Advance aims to empower our member and associate institutions to increase housing initiatives, drive economic growth, and foster community development.
2. Holiday Hours | Independence Day
In observance of Independence Day, FHLBank Chicago and the Mortgage Partnership Finance® (MPF®) Program have amended hours for Wednesday, July 3, 2024, and Thursday, July 4, 2024.
3. Federal Home Loan Banks Publish 2023 Impact Report
The Council of Federal Home Loan Banks, the public voice of the FHLBank System, released its 2023 Impact Report, which details the ways in which the FHLBank System delivers measurable and sustainable impact for communities and individuals across the country.
Market Commentary
Equities posted gains while U.S. Treasuries sold-off to start the quarter. Treasuries retreated overnight with yields continuing to rise after markets opened. A brief rally occurred after the ISM Manufacturing Index missed consensus expectations, moving yields off their session highs. Treasuries continued to sell-off through the remainder of the trading day. Yields across the curve finished 6 to 13 basis points (bps) higher, led by longer tenors.
The S&P Global U.S. Manufacturing PMI was revised slightly lower to 51.6 in June 2024 from a preliminary of 51.7, pointing to the highest reading in three months and to an improvement in the manufacturing sector. New orders and productions continued to rise, as well as employment, increasing the most since September 2022. Input costs continued to rise, although the rate of inflation eased as selling prices increased at the slowest pace in the year-to-date.
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