Weekly Market Snapshot – June 21st, 2021
Created by: Sam Tenney
- The Federal Reserve member rate hike expectations sharply raised this month, with Reserve Board Members now expecting two full rate hikes by 2023. Average inflation projections also jumped to 3.4% over the timeframe.¹
- Lumber prices are now down 48% from their peak, currently trading at $875 per thousand feet down from $1686 in early May. Lumber product researchers have said this is largely due to increased services spending by consumers over renovation spending. ²
- Thursday, June 17th, The Federal Reserve raised the Interest on Excess Reserves (IOER) rate to 0.15%, and the Overnight Reverse Repurchase (ORR) rate to 0.05%. As we have noted the past few weeks, the ORR facility has hit new all time highs of volume of $755 Billion, 50% higher then last weeks all time high, due to the privately set Secured Overnight Financing Rate (SOFR) reaching near the 0% lower bound on the federal funds rate. ³
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