Weekly Market Review April 19, 2023

March inflation increased by 5% from a year earlier, the lowest reported level in two years and a full 1% decline from the previous month. Consumers experienced price reductions in multiple areas, including groceries, gasoline and utilities. Core prices, which removes volatile energy and food prices, slightly increased from a month earlier from 5.5% to 5.6%, driven by an increase in shelter costs. Inflation remains well above the Fed's 2% target despite falling significantly from the mid-2022 peak. (Source: The Wall Street Journal)

It has been somewhat quiet on the banking front since the collapse of Silicon Valley Bank. However, last week’s bank deposit data indicated what many investors predicted; depositors fled to safety from small- and mid-cap banks to the largest U.S. banks. The largest 25 banks increased deposits by $18 billion last month, while banks outside of this range lost a combined $212 billion in deposits. (Source: MarketWatch)

The U.S. intelligence community experienced one of the largest classified document leaks in decades after a Massachusetts Air National Guardsman posted a collection of leaked documents to an online chat forum. The data leak not only demonstrates the extensive reach of U.S. global intelligence operations, but reignites debates in Washington how classified documents are handled and stored in a digital age. (Source: The Wall Street Journal)

This week, Q1 earnings season continues amid a backdrop of economic data focused on the real estate market, including housing starts, mortgage applications, and existing home sales.

Blueprint Numbers

MIND THE YIELD GAP - Investors frustrated with a lack of yield in their bank's savings account are flooding into money market mutual funds, and for good reason. According to DepositAccounts.com, the nationwide average rate on a standard savings account is only 0.37%, while the average yield on the top 100 money market funds is more than 10 times higher at 4.6%. (Source: MarketWatch, Cranes) 

NFL TEAM SELLS FOR $6 BILLION - The Washington Commander's controversial owner Dan Snyder reached an agreement in principle to sell the team for $6 billion, only for reports to come out over the weekend of a competing bid for $7 billion. Regardless of the winning bid, Dan Snyder will come out a winner after purchasing the team for just $750 million in 1999. (Source: MarketWatch)

JACKIE ROBINSON DAY - April 15th was Jackie Robinson Day in Major League Baseball (MLB), where all MLB players wore Robinson's No. 42 jersey. Oddly, the percentage of African American players in the MLB is only 6.1%, the lowest level since 1955. Jackie Robinson became the first African American player in the MLB on April 15, 1947. (Source: USA Today)

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