Weekly Report – February 8, 2023


Highlight of the Week

Fed’s Jerome Powell Braces for Longer Inflation Fight Amid Hiring Surge

  • In January, the Labor Department reported 517,000 jobs added and an unemployment level of 3.4% which is the lowest since 1969
  • Fed chair Jerome Powell stated that this data suggests that lowering inflation to the target 2% will “take a significant period of time”
  • Investors were optimistic that the Fed would slow rate rises faster than projected, but with this latest update investors expect an interest-rate trajectory closer to what the Fed suggests as “most likely”

Rate Curves


Rapid Report:

Abelian Brand Mark

Senior Loan Officer Survey Suggests Tightening Credit Standards and Weaker Demand in 2023

  • On February 6, the Fed released the January 2023 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending practices which addressed “changes in standards and terms on, demand for, bank loans to businesses and households” in Q4 2022
  • Regarding loans to businesses, respondents reported tighter standards and weaker demand for C&I loans to large, middle-market, and small firms as well as tighter standards and weaker demand for all CRE loan categories
  • For loans to households, respondents reported tightened or unchanged standards and weakened demand for all RRE loan categories while HELOCs, credit cards, auto loans, and other consumer loans were reported to have tighter standards and weaker demand
  • Finally, banks expect lending standards to tighten, demand to weaken, and loan quality to deteriorate across all loan types in 2023

LeBron James Breaks the NBA’s All-Time Scoring Record

  • Lebron James scored the 38,888th point of his career in the 3rd quarter against the Oklahoma City Thunder moving him to the number 1 spot for all-time points scored which was previously held by Kareem Abdul-Jabbar
  • Lebron celebrated this achievement with his family alongside Abdul-Jabbar and NBA commissioner Adam Silver with a mid-game ceremony
  • This record-breaking game comes amid a disappointing season for the Lakers who are 25-29 in the season
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