Three Things to Know & Watch

Mar 27, 2023

By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch

  • The banking industry and inflation will be center stage this week. The Senate Banking Committee will hold a hearing on bank failures Tuesday and witnesses include senior representatives from Treasury, the Fed and the FDIC, including FDIC Chairman Martin Gruenberg.
  • On Friday, the Fed’s favored measure of inflation, personal consumption expenditures, will be released. It is expected to increase 0.3% month-over-month and 5.1% year-over-year. PCE has been slowly declining since peaking at 7% in June. The Fed has reiterated its stance of 2% inflation over a cycle as measured by PCE, indicating a fair amount of work to do. Historically, the Fed has not finished raising rates until the target Fed funds rate is above PCE.
  • Other data this week is considered second tier with the market getting several regional manufacturing surveys as well as readings on consumer confidence and consumer sentiment. These are likely to do little to change the market’s views on inflation and the Fed.

Three Things to Know

  • On April Fool’s Day 1976, the BBC convinced many listeners that a special alignment of the planets would temporarily decrease gravity on earth. Phone lines were flooded with callers who claimed they felt the effect. (Source:
  • Major League baseball opens its season on Thursday, March 30. On the first day of the 1910 season, William Howard Taft became the first president to throw the ceremonial first pitch. Since then, every president besides Jimmy Carter and Donald Trump has thrown at least one ceremonial first ball for Opening Day, the All-Star Game or the World Series while in office. Harry Truman was the only president to throw out left-handed and right-handed first pitches on Opening Day. He showcased his ambidextrous talents on April 18, 1950. (Source;
  • Over the next five years, more than $2.5 trillion in commercial real estate debt will mature. This is by far more than any five-year period in history. Meanwhile, rates have more than doubled and commercial real estate is only 60% to 70% occupied. (Source: The Kobeissi Letter)


The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.