Affordable Housing Category Archives

Economic & Fixed Income Insights, June 20, 2018

Presented by Stifel, Nicolaus & Company, Inc.

Housing starts ran at a seasonally adjusted annual 1.35 million rate in May, according to the Commerce Department. The reading edged past the forecast among most economists. At a 1.35 million pace, housing starts saw the fastest activity since 2007. One weak spot in the report was building permits, which foreshadow future activity. They were at a 1.3 million pace, down 4.6% for the month. In other housing news, weekly mortgage application volume increased 5.1% last week, according to Mortgage Bankers Association. The gain was driven primarily by applications to refinance home loans, which rose 6% for the week.  Turning to the markets, bond yields fell on reignited trade tensions between the US and China. Treasuries rallied with other safe havens leading both the 10-year and 30-year UST yields 6 basis points lower for the week.   In line with their taxable counterparts, municipal bond yields also trended downward.  The 10-year MMD finished 2 basis points lower to yield 2.46% while the 30-year MMD was 4 basis points lower to 2.96%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of June 19, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

 

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

 

Economic & Fixed Income Insights, June 13, 2018

Presented by Stifel, Nicolaus & Company, Inc.

The Federal Reserve hiked its benchmark short-term interest rate 0.25% this afternoon and indicated that two more increases are likely in store ahead. The move pushes the fed funds target rate to 1.75%-2.0%. In other economic news, the Producer Price Index for final demand rose 0.50% in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.10% in April and 0.30% in March. On an unadjusted basis, the final demand index moved up 3.10% for the 12 months ended in May, the largest 12-month increase since climbing 3.10% in January 2012. In the bond markets, yields were largely flat for the week leading up to the Fed’s rate decision. The benchmark 10-year UST climbed 3 basis points to yield 2.96%, and the 30-year UST finished just 1 basis point higher to yield 3.09%.  Municipal bonds showed slightly more volatility with the 10-year MMD 4 basis points higher for the week, and the 30-year MMD 6 basis points higher to 3.00%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of June 12, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

Economic & Fixed Income Insights, June 6, 2018

Presented by Stifel, Nicolaus & Company, Inc.

Last week, while many market participants extended the long Memorial holiday weekend, a few economic reports were posted. On Wednesday, the final revisions showed the U.S. economic grew at a 2.2% pace in Q1, down from the initial estimate of 2.3%.  On Thursday, personal income rose 0.3% and personal spending rose 0.6% in April, according to Bloomberg. Also on Thursday, the personal consumption expenditures (CPE) index rose 0.2% in April, following a flat reading in March. In the bond markets, yields rose as investors digested a strong jobs report Friday and an equity rally led by technology stocks.  For the week, the 10-year UST climbed 15 basis points to yield 2.93%, and the 30-year UST finished 10 basis points higher at 3.08%.  Municipal yields were less volatile.  The 10-year MMD finished just 3 basis points higher to 2.44% while the long bond finished 7 basis points higher to 2.94%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of June 5, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

 

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

Economic & Fixed Income Insights, May 30, 2018

Presented by Stifel, Nicolaus & Company, Inc.

US economic growth slowed slightly more than initially thought in the first quarter amid downward revisions to inventory investment and consumer spending, but income tax cuts are likely to boost activity this year. Gross Domestic Product( GDP) increased at a 2.20% annual rate, according to the Commerce Department on Wednesday, instead of the previously reported 2.30% pace. Political crisis in the Eurozone drove a flight for safety Tuesday that saw bond yields finish dramatically lower for the week ended May 29.  The 10-year US note fell 28 basis points to yield 2.78%, and the 30-year UST fell 23 basis points to 2.98%.  Municipal yields saw similar declines with the 10-year MMD down 14 basis points to 2.41% and the 30-year MMD 20 basis points lower to 2.87%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of May 29, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

 

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

 

 

Economic and Fixed Income Insights, May 23, 2018

Presented by Stifel, Nicolaus & Company, Inc.

Minutes from the Federal Open Market Committee’s May gathering indicated Fed officials are on track to raise rates again “soon,” and markets have priced a June hike as a near certainty.  The Committee’s view of the overall economy remains generally positive, but the sustainability of recent price pressures remains a concern for the policymakers.  Also of concern to the officials is the flattening yield curve.  Even as the 10-year UST has recently crossed the 3% threshold, the front end of the curve has outpaced the benchmark, and the spread between the 2-year and 10-year UST has tightened to just 49 basis points.  Further flattening will only evoke more unease as an inverted curve has preceded all major recessions in recent history.  Today, the 10-year US note is yielding 3.06%, and the 30-year bond stands at 3.21%.  In the tax-exempt market, both the 10-year and 30-year MMD climbed 4 basis points for the week to yield 2.55% and 3.07% respectively.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of May 22, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

 

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

Economic and Fixed Income Insights – May 16, 2018

Economic and Fixed Income Insights

Housing disappointed in April as starts dropped 3.7%, driven by an 11.3% decline in multifamily units, and permits fell 1.8%.  Residential construction activity has been lackluster in recent months as builders are grappling with the rising costs of materials and labor.  Rising rates are expected to further inhibit residential construction over the near term.  In contrast with housing, retail sales and industrial output both picked up in April, setting second quarter GDP on a path to 3% growth.  In the bond market, yields continue to rise on expectations of further Fed tightening.  The benchmark 10-year US note finished 9 basis points higher for the week to yield 3.07%, and the 30-year bond stands at 3.20%.  Tax-exempt yields trended higher with Treasuries. The 10-year MMD climbed 8 basis points to yield 2.51% and the 30-year MMD finished the week 6 basis points higher to yield 3.03%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of May 15, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018

AARP Foundation Voice-Assisted Tech Grant Apps Due May 31

Innovation: Voice-Connected Communities

Request for Applications | Application Link | Application Deadline: May 31, 2018

AARP Foundation is requesting applications from eligible organizations to develop and implement a project using voice-assisted technology. The purpose of this grant is to inform AARP Foundation’s strategy related to voice-assisted technology. Through this mini-grant, we seek to extend AARP Foundation’s on-going project utilizing voice-assisted technology to facilitate and nurture community in senior housing settings.

Application Deadline: Applications are due May 31, 2018 by 11:59 Eastern time and must be completed online

Information session: 

RFA: Voice-Connected Communities
Tuesday, May 15, 2018
2:00 pm | Eastern Daylight Time (New York, GMT-04:00) | 1 hr

Meeting number: 741 020 038

Meeting password: Password

Add to Calendar

When it’s time, join the meeting.

Join by phone
Call-in toll-free number: 1-866-215-3402 (US)
Conference Code: 434 604 1

Economic and Fixed-Income Insights – May 2, 2018

Economic and Fixed Income Insights

The Federal Open Market Committee (FOMC) held the federal funds rate at a target of 1.50%-1.75%, as expected. The FOMC noted that “overall inflation and inflation for items other than food and energy have moved close to 2%,” which is the FOMC inflation target rate. The FOMC also noted some improvements in the economy saying “business fixed income investment continued to grow strongly.” Even without a rate hike, the Fed’s stance on inflation means more interest rate increases in the future. As we put pen to paper, the 10-year US note is yielding 2.97%, and the 30-year bond stands at 3.13%.  Tax-exempt yields were little changed for the week, with the 10-year MMD steady at 2.50% and the 30-year MMD up just 1 basis point to yield 3.09%.

Interest Rate Observations

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of May 1, 2018.

Important Disclosures

This material was prepared by Stifel, Nicolaus & Company, Incorporated (“Stifel”). This material is for informational purposes only and is not an offer or solicitation to purchase or sell any security or instrument or to participate in any trading strategy discussed herein. The information contained is taken from sources believed to be reliable, but is not guaranteed by Stifel as to accuracy or completeness. Past performance is not necessarily a guide to future performance. Stifel does not provide accounting; tax or legal advice and clients are advised to consult with their accounting, tax or legal advisors prior to making any investment decision.

 

Stifel, Nicolaus & Company, Incorporated is a broker-dealer registered with the United States Securities and Exchange Commission and is a member FINRA, NYSE & SIPC. © 2018