Omnibus Likely to Emerge Next Week, Chance for Cantwell-Hatch

While Washington anticipated an omnibus bill to appear this week, members of congress are now looking to early next week, citing continuing negotiations. The bill is seen by housing advocates as a prime vehicle for passing at least portions, if not all, of the Cantwell-Hatch bill to improve the Low Income Housing Tax Credit – legislation which narrowly missed inclusion in Republicans’ tax overhaul bill (H.R. 1) in December.  

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Economic and Fixed Income Insights as of March 14, 2018

Presented by Stifel, Nicolaus & Company, Incorporated

Economic and Fixed Income Insights

Inflation cooled slightly last month as a decline in gasoline prices kept a lid on price pressures. The consumer-price index, which measures what Americans pay for most goods, increased 0.2% in February after rising a seasonally adjusted 0.5% in January, according to the Labor Department. In other economic news, the Commerce Department reported that retail sales declined for a third straight month as households curbed purchases of cars and other consumer items.  In the bond market, yields have experienced some volatility with divergence in the taxable and tax-exempt trends.  Treasuries trended lower for the week with the 10-year UST and 30-year UST both 5 basis points lower to 2.84% and 3.10% respectively.  In contrast, tax-exempt yields were slightly higher along the curve.  The 10-year MMD finished 4 basis points higher to yield 2.51%, and the 30-year MMD ticked up to 3.07%.

Interest Rate Observations

Benchmark Current Previous


(+/-) Change Previous


(+/-) Change
10-Year UST 2.84% 2.89% (5) 2.49% 35
30-Year UST 3.10% 3.15% (5) 3.11% (1)
10-Year MMD 2.51% 2.47% 4 2.45% 6
30-Year MMD 3.07% 3.05% 2 3.21% (14)
Federal Funds Rate 1.50% 1.50% 0 1.00% 50
1-month LIBOR 1.78% 1.71% 7 0.94% 83
SIFMA 1.13% 1.09% 4 0.71% 42
10-year LIBOR Swap 2.89% 2.90% (1) 2.47% 43

Source: Thomson Reuters, Bloomberg. The table above reflects market conditions as of March 13, 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.


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