Member Services Desk Weekly Market Update

The Member Services Desk (MSD) Weekly Market Update was developed in response to member feedback and strives to deliver timely, relevant insights that support member business objectives. Each Friday, the update provides an overview of current market trends and key developments.

If you would like to receive the MSD Weekly Market Update in .pdf format (includes FHLBNY rate charts) or to discuss this content further, please email the MSD Team.

Recent Weekly Market Updates

05/29/2026

MSD Weekly Market Update: Week Ending May 29, 2026

The past two weeks’ economic reports have generally reflected weak “soft”, or survey-oriented, data. The poor sentiment was most clearly evidenced in last week’s record low University of Michigan Consumer Sentiment reading for May. Meanwhile, “hard” data, or readings of actual aggregate activity, have been relatively steady and occasionally have bested expectations. Inflation data has proven concerning and seemingly cemented, for now, the “on hold” posture for the Fed. The Mideast situation remains fluid, and any meaningful developments could move the rates market. Indeed, the past week’s news of a potential resolution framework, or prospects of a memorandum of understanding on a framework, led to a decline in oil prices and yields. Looking forward to next week, the data slate is heavy on labor market-related releases, with the monthly jobs report the likely highlight.

05/15/2026

MSD Weekly Market Update: Week Ending May 15, 2026

The past week’s data was influential, as it revealed that inflationary pressures appear definitively present and thereby solidified an on-hold posture from the Fed. Indeed, incoming Fed Chair Warsh is likely to encounter more forceful resistance from committee members to any policy-easing bias at the next FOMC in June. The Mideast situation, meanwhile, remains fluid, and any meaningful developments could move the rates market. Looking forward to next week, the data slate is lighter and composed of second-tier reports. The bond markets will close early on Friday the 22nd for the Memorial Day holiday weekend, and we encourage members to connect with the desk on the timing of any potential end-of-week longer-tenor advances...

05/08/2026

MSD Weekly Market Update: Week Ending May 08, 2026

The Mideast situation remains fluid, and fresh developments are prone to move the rates market. The past week’s data was not very influential but continued to portray a relatively steady, albeit non-dynamic, labor market and ongoing potential inflation pressures. The jobs report to be released just prior to this edition hitting inboxes may, if considerably off consensus expectations, move rates. Looking forward to next week, the inflation data will be closely scrutinized by the markets.

05/01/2026

MSD Weekly Market Update: Week Ending May 01, 2026

The extended still-with-no-end-date Mideast ceasefire/blockade continues to provide a steadier backdrop to markets and limited rate changes, although the situation remains tenuous and spurred further increases in oil prices. Data released over the week was mixed, with labor market data portraying some improvement but inflation measures remaining elevated. As expected, the FOMC kept rates on hold and noted that “inflation is elevated” and “developments in the Middle East are contributing to a high level of uncertainty about the economic outlook”. Inflation was categorized as elevated. The outcome had four dissents, the most since 1992. Three voters supported the rates-on-hold posture but were unsupportive of the statement’s perceived ongoing easing bias. The markets treated FOMC outcome as slightly hawkish and pushed yields higher. Data-wise this upcoming week, the Friday employment situation report will likely be the highlight.

04/24/2026

MSD Weekly Market Update: Week Ending April 24, 2026

The extended now-with-no-end-date Mideast ceasefire has instilled a steadier backdrop to markets and limited rate changes, although the situation remains tenuous. Data released over the week was generally better-than-expected. Retail sales posted a M-o-M increase, although the figure is not adjusted for inflation, and Pending Home Sales flashed a hopeful M-o-M rise. Senate hearings on the prospective new Fed Chair nominee, Kevin Warsh, were held, but it is too early to evoke forecasts on the topic. The week ahead serves a busy slate of economic reports, although the highlight may be the April 29th FOMC outcome and the subsequent press conference. At this stage, the Fed is widely expected to remain on hold and note the ongoing uncertainty from the Mideast conflict and its potential impacts. The markets, meanwhile, remain in a tense yet hopeful pattern that the ceasefire will hold and limit further economic or market repercussions.

04/17/2026

MSD Weekly Market Update: Week Ending April 17, 2026

The past week was mostly dictated by Mideast war news, with the ongoing ceasefire instilling a steadier backdrop to markets. Data released over the week was of a second-tier nature and proved inconsequential, in terms of notable rates movements. The Mideast conflict and its impacts should continue to be the dominant driver of markets; for now, markets are in a hopeful pattern that the ceasefire will hold and limit further economic or market repercussions.

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