Economic News

Friday, March 20, 2026

Static Quote FNMA 30-year 5.50% MBS 100.22 -38 bps

The upcoming economic calendar is relatively light, with Consumer Sentiment, S&P Global PMI, and short-term Treasury auctions scheduled. However, the bigger story will be Fed communication. With the confirmation process for potential Fed Chair Warsh possibly delayed and Powell signaling he may remain on as a Governor, policy uncertainty is likely to add volatility to the financial markets.

Remember: the bond market is forward-looking. It will begin pricing tomorrow’s inflation risks well before they appear in the official data.

Next Fed meeting (April 29th) is 12.90% chance to go 0.25% higher.
New Fed Chair Announced (May) – Kevin Warsh

Economic Calendar

Monday, March 23
Construction Spending for January at 10:00 AM Eastern Time
This report measures the level of construction activity and provides insight into the strength of the housing and infrastructure sectors

Federal Reserve Speakers (as scheduled)
Comments from Federal Reserve officials may influence market expectations on interest rates and monetary policy

Tuesday, March 24
S and P Global Flash PMI for Manufacturing and Services for March at 9:45 AM Eastern Time
This report offers an early look at business activity and overall economic momentum

New Home Sales for February at 10:00 AM Eastern Time
A key indicator of housing demand and buyer activity in the market

Wednesday, March 25
MBA Mortgage Applications at 7:00 AM Eastern Time
Weekly data reflecting mortgage demand and refinance or purchase activity

Durable Goods Orders for February at 8:30 AM Eastern Time
Measures new orders for long lasting manufactured goods and signals business investment trends

Thursday, March 26
Initial Jobless Claims at 8:30 AM Eastern Time
A weekly measure of unemployment filings and labor market health

Gross Domestic Product Final Revision for the fourth quarter at 8:30 AM Eastern Time
Provides the final estimate of economic growth for the prior quarter

Pending Home Sales for February at 10:00 AM Eastern Time
A forward looking indicator of housing market activity based on contract signings

Friday, March 27
Core Personal Consumption Expenditures Price Index for February at 8:30 AM Eastern Time
The Federal Reserve’s preferred measure of inflation

Personal Income and Spending for February at 8:30 AM Eastern Time
Tracks consumer earnings and spending behavior

Consumer Sentiment Final Reading for March at 10:00 AM Eastern Time
Measures consumer confidence and outlook on economic conditions

Weekly takeaway
This week is centered on inflation, consumer strength, and housing activity. The most closely watched report is the Core Personal Consumption Expenditures Index on Friday, as it plays a key role in Federal Reserve policy decisions and can directly influence mortgage rate movement.