HomeMy Public PortalAbout2023-01-17-LPFAThis Agenda contains a brief general description of each item to be considered. Copies of the Staff reports or
other written documentation relating to each item of business referred to on the Agenda are on file in the Office of
the City Clerk and are available for public inspection. Any person who has a question concerning any of the
agenda items may call the City Manager at (310) 603-0220, ext. 200.
Procedures for Addressing the Council
IN ORDER TO EXPEDITE CITY COUNCIL BUSINESS, WE ASK THAT ALL PERSONS WISHING TO ADDRESS THE
COUNCIL SUBMIT YOUR COMMENTS IN ADVANCE TO CITYCLERK@LYNWOOD.CA.US OR FILL OUT A FORM
PROVIDED AT THE PODIUM, AND TO TURN IT IN TO THE CITY CLERK PRIOR TO THE START OF THE
MEETING. FAILURE TO FILL OUT SUCH A FORM WILL PROHIBIT YOU FROM ADDRESSING THE COUNCIL IN
THE ABSENCE OF THE UNANIMOUS CONSENT OF THE COUNCIL.
AGE N D A
Ly nwood Public Financing Authority
TO BE HE L D ON
January 17, 2023
C OU N C IL C H AMB ER S - 11350 B U L L IS R D. LYN WOOD , C A 90262 or Web conference via
ZOOM - To participate via Zoom or by telephone: 1-669-900-9128 or 1-253-215-8782 Meeting
ID: 835 2029 8238
Duly Posted on 1/12/2023 B y MQ
6:00 P M
1.C ALL TO OR D ER
2.C E R T IF IC ATION OF AGE N D A P OS T IN G B Y S E C R E TARY
3.R OL L C AL L OF ME MB E R S
Oscar F lores, P resident
Ri ta S oto, Vice P resident
Gabri ela C amacho, Member
J uan Munoz-Guevara, Member
J ose L uis S olache, Member
4.GOV E R N ME N T C OD E S E C T ION 54954.3
Members of the City Council are also members of Lynwood Public Financing Authority, which is
concurrently convening with the City Council this evening and each Council Member is paid an
Additional Stipend of $100 for Attending the Lynwood Public Financing Authority Meeting. Further,
the Authority is scheduled to meet four (4) timer per year. If additional meetings are required beyond
the scheduled four (4) meetings, the City Council will only get paid for the first four(4) meetings.
P U B L IC H EAR IN G
C ON SEN T C AL E N D AR
ALL MATTERS LISTED UNDER THE CONSENT CALENDAR WILL BE ACTED UPON BY ONE MOTION
Lynwood Public Financing Authority - Page 1 of 33
AFFIRMING THE ACTION RECOMMENDED ON THE AGENDA. THERE WILL BE NO SEPARATE DISCUSSION ON
THESE ITEMS PRIOR TO VOTING UNLESS MEMBERS OF THE COUNCIL OR STAFF REQUEST SPECIFIC
ITEMS TO BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE ACTION.
5.T R E AS U R E R'S MON T H LY IN V E S T ME N T R E P OR T
Comments:
The purpose of this item is to have the Honorable P resident and Members of the P ublic F inance
A uthori ty review the Treasurer’s Monthly Investment Report as required by S tate S tatutes. (C T)
Recommendation:
The following is the Investment Report for the month ending D ecember 31, 2022. This report is
provi ded to ensure C ity C ouncil is informed of the D epartment’s investment activities. The report
satisfies the recommended reporting requi rements of the C ity of Lynwood, which addresses the
C ity C ouncil’s request for monthly financial information.
It is recommended that the C ity C ouncil for the C ity of Lynwood receive and file the attac hed Monthly
Investment R eport.
N E W/OLD B U S IN E S S
AD J OU R N ME N T
THE LYNW OO D P UB L IC F IN A N C E A UTHO RITY M E E TINGS W IL L B E P OS TE D A S
NE E D E D . THE NE X T M E E TING W IL L B E HE L D IN THE C OUNC IL C H A M B E R S OF C ITY
HA L L A NNE X , 11350 B UL L IS R OA D , C ITY OF LYNW OO D , C A L IF ORNIA .
Lynwood Public Financing Authority - Page 2 of 33
A genda I tem # 5.
AGENDA STAF F REPORT
D AT E: J anuary 17, 2023
TO: Honorable P resident and Members of the P ublic F inance A uthority
AP P R OV E D B Y: E rnie Hernandez, C ity Manager
P R E PAR E D B Y: S heila Harding, D eputy C ity Treasurer
S U B J E C T: TRE A S URE R'S M O N TH LY INV E S TME NT RE P ORT
Recommendation:
The following is the Investment Report for the month endi ng D ecember 31, 2022. This report is provi ded to ensure
C ity C ouncil is i nformed of the D epartment’s investment activi ti es. The report satisfies the recommended
reporting requirements of the C i ty of Lynwood, which addresses the C ity C ouncil’s request for monthly fi nancial
information.
It is recom mended that the C ity C ouncil for the C ity of Lynwood rec eive and file the attached Monthly Investment R eport.
Background:
Government C ode S ection 53607, last amended 1996, with reference to the reporting of investment transacti ons
states that the Treasurer shall make a monthly report of those transacti on to the legislative body. Government
C ode S ection 53646 (b) (1), last amended 2004, with reference to discussion related to establishment of an
Investment P olicy and i nvestment reporting states that “the Treasurer may render a quarterly report”. To determi ne
the applicable code inasmuch as reference to Government C ode S ection 53607 or non-compli ance thereof has
never been included i n past audit findings. While Government C ode S ection 53646 (b) (1) which is the most
current version related to Investment Reporting utilizes the word “may” indicating the reporting mechanism is
optional, to err on the side of caution, and in order to ensure that we are in compliance with all Government C odes,
a new procedure of submitting monthly reports to the C ouncil/A gency agenda was implemented. A ttached for
C ouncil/A gency revi ew is the C ity’s/A gency’s Monthly Treasurer ’s Report.
Discussion and Analysis:
The investment transactions were executed i n accordance with the C ity's Investment P olicy and the C ali forni a
S tate Government C ode S ection 5346(b)(3) that requires the general fund is able to meet its expenditure
requirements for the next six months.
Lynwood Public Financing Authority - Page 3 of 33 Agenda Item # 2
Fiscal Impact:
The action recommended in this report will not have a fiscal impact on the C ity.
Coordinated With:
F HN F inanci al Main S treet A dvisors currently monitors the C ity’s i nvestment activities.
AT TAC H ME N T S:
Description
AC TIV IT Y & S U MMARY R E P OR T - D E C E MB E R 2022
F H N E C ON OMIC R EPOR T - D E C E MB E R 2022
N R F & C ON F E R EN C E B OAR D GL OB AL - D E C E MB E R 2022
Lynwood Public Financing Authority - Page 4 of 33 Agenda Item # 2
ACTIVITY & PERFORMANCE SUMMARY
DECEMBER 2022
1
The following is the City’s cash flow and the monthly investment report. The monthly report includes a summary
of the City’s investment portfolio, a monthly review of the investment market as prepared by the investment
managers and detailed information on monthly transactions, cash flows and investments by issuer.
FHN Investment Advisors manage the portion of investments not invested by LAIF (State Local Agency Investment
Fund).
The tables below provide key statistics regarding the City’s cash flow and investment portfolio as of December 31,
2022.
Type Balances Held
Cash - US Bank $48,689,265.10
Cash - JPMorgan Chase Bank $8,056,091.92
Local Agency Investment Fund $9,595,678.13
FHN Investment Advisors/BNY 25,744,440 .91
TOTAL $66,341,035.15
FHN ACCOUNT SUMMARY
31-Dec 30- Nov
Market Value $35,344,239 $35,314,063
Book Value $36,481,176 $36,466,189
Variance (1,136,936) ($1,152,126)
Par Value $36,500,250 $36,492,754
Net Asset Value $96.88 $96.84
Book Yield 2.38% 2.35%
Market Yield 3.95% 3.88%
Years to Maturity 1.69 1.75
Effective Duration 1.45 1.45
FHN INVESTMENT COMPLIANCE
% %
Company Book Value of
Portfolio
Allowed
by Policy
US Treasuries 6,499,374.86 17.82% 100%
US Federal Agencies 10,450,169.07 28.65% 100%
Supranational Obligations $0.00 0% 30%
LAIF 9,595,678.13 26.30% 75%
Commercial Paper 1,478,968.63 4.05% 25%
Money Market Funds 52,571.67 0.14% 20%
Negotiable Certificates of Deposit 4,915,622.91 13.47% 30%
Lynwood Public Financing Authority - Page 5 of 33 Agenda Item # 2
ACTIVITY & PERFORMANCE SUMMARY
DECEMBER 2022
2
Corporate Obligations 3,488,790.30 9.56% 30%
State and Local Governments $0.00 0% 100%
Total 36,481,175.57 100.00%
All of the City’s rated investments were rated “A” or higher by at least two rating agencies on December 2022.
The City’s investments comply with its current investment policy, which emphasizes the safety, liquidity, and
return of its investments, allowing the city to meet its expenditures for the next six months.
PURCHASES & MATURITIES
No Purchases or Redemptions for the month of December 2022.
FHN INCOME EARNED SUMMARY
December
Month End
Fiscal Year to
Date
INTEREST
Interest Received/Purchased. 7,495.34 191,919.53
Plus Accrued Interest at End of Period 165,558.38 165,558.38
Less Accrued Interest at Beginning of Period -124,829.88 -74,680.06
Interest Earned During Period 48,223.84 282,797.85
Total Adjustments for Amortization/Accretion 7,491.20 25,036.43
Total Capital Gains or Losses 0.00 0.00
Total Earnings During Period 55,715.04 307,834.28
Lynwood Public Financing Authority - Page 6 of 33 Agenda Item # 2
Quarterly Economic and Market Update
December 2022
Lynwood Public Financing Authority - Page 7 of 33 Agenda Item # 2
Economic and Market Update
*Estimates for the current quarter/month, some data are lagged Sources: FHN Main Street and Bloomberg
Case-Shiller Home Prices YOY*8.6%16.0%(7.4%)
Consumer Confidence 108.3 103.2 5.1
Gold (per ounce)$1,824.02 $1,660.61 $163.41
Dollar Index 103.52 112.12 (8.60)
U.S. Avg Regular Unleaded $3.21 $3.80 ($0.59)
Retail Sales YOY*8.7%8.4%0.3%
S&P 500 3,840 3,586 7.1%
Consumer Price Index YOY*7.6%8.2%(0.6%)
1-5 Yr A-AAA Corporate Spread 0.69%0.81%(0.12%)
Dow Jones 33,147 28,726 15.4%
30 Year Mortgage Rate 6.66%5.83%0.83%
1-5 Yr Agency Spread 0.07%0.03%0.04%
10 Year T-Note 3.88%3.83%0.04%
U.S. Fed Debt Avg Yield*2.30%1.99%0.31%
3 Year T-Note 4.23%4.29%(0.06%)
5 Year T-Note 4.01%4.09%(0.09%)
2 Year T-Note 4.43%4.28%0.15%
3 Month T-Bill 4.37%3.27%1.10%
Labor Force Participation 62.3%62.3%0.0%
Effective Fed Funds Rate 4.33%3.08%1.25%
U.S. Payrolls Monthly Change 223,000 269,000 (46,000)
Unemployment Rate 3.5%3.5%0.0%
12/31/2022
Item 12/31/2022 9/30/2022 Change
2Lynwood Public Financing Authority - Page 8 of 33 Agenda Item # 2
Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
Estimate: Bloomberg's Survey of Economists
As of: 12/31/2022
12/31/2022
-1.4
5.2
4.7
1.8 3.3
2.3
1.3
0.6 2.4
1.2 2.4
2.0
1.7 2.0 3.4 4.1
2.8 2.8 2.9
0.7 2.2 2.7 3.6
1.8
-4.6
-29
.
9
35
.
3
3.9 6.3 7.0
2.7
7.0
-1.6 -0.6
3.2
1.1
0.0
-0.6
0.0
-45
-35
-25
-15
-5
5
15
25
35
45
Q1
2
0
1
4
Q2
2
0
1
4
Q3
2
0
1
4
Q4
2
0
1
4
Q1
2
0
1
5
Q2
2
0
1
5
Q3
2
0
1
5
Q4
2
0
1
5
Q1
2
0
1
6
Q2
2
0
1
6
Q3
2
0
1
6
Q4
2
0
1
6
Q1
2
0
1
7
Q2
2
0
1
7
Q3
2
0
1
7
Q4
2
0
1
7
Q1
2
0
1
8
Q2
2
0
1
8
Q3
2
0
1
8
Q4
2
0
1
8
Q1
2
0
1
9
Q2
2
0
1
9
Q3
2
0
1
9
Q4
2
0
1
9
Q1
2
0
2
0
Q2
2
0
2
0
Q3
2
0
2
0
Q4
2
0
2
0
Q1
2
0
2
1
Q2
2
0
2
1
Q3
2
0
2
1
Q4
2
0
2
1
Q1
2
0
2
2
Q2
2
0
2
2
Q3
2
0
2
2
Q4
2
0
2
2
Q1
2
0
2
3
Q2
2
0
2
3
Q3
2
0
2
3
Pe
r
c
e
n
t
U.S. GDP (Quarter over Quarter Annualized)*
Estimates
3Lynwood Public Financing Authority - Page 9 of 33 Agenda Item # 2
Economic and Market Update
* Real Rate (Inflation Adjusted)
Source: Bureau of Economic Analysis
12/31/2022
Estimate: Bloomberg's Survey of Economists
As of: 12/31/2022
8.7
8.0
4.1
4.7
-0.6
7.1
2.1 2.1
-0.7
6.9
2.6 2.6
6.1
4.4
5.8
6.5 6.6
2.7
4.9
3.1
0.2
3.3
5.3 5.6
-0.5 -0.2
5.4
4.6
5.5
3.2
-0.3
2.5
-1.8
4.6
7.2
4.2
3.5 3.5
4.2
3.7
1.9
-0.1
3.5
2.8
4.0
2.7
3.8
4.4 4.5 4.8
4.1
1.0
1.7
2.8
3.9
3.5
2.8
2.0
0.1
-2.6
2.7
1.5
2.3
1.8 2.3 2.7
1.7 2.2
2.9
2.3
-2.8
5.9
1.9
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
19
5
0
19
5
2
19
5
4
19
5
6
19
5
8
19
6
0
19
6
2
19
6
4
19
6
6
19
6
8
19
7
0
19
7
2
19
7
4
19
7
6
19
7
8
19
8
0
19
8
2
19
8
4
19
8
6
19
8
8
19
9
0
19
9
2
19
9
4
19
9
6
19
9
8
20
0
0
20
0
2
20
0
4
20
0
6
20
0
8
20
1
0
20
1
2
20
1
4
20
1
6
20
1
8
20
2
0
20
2
2
Pe
r
c
e
n
t
U.S. Annual GDP *
1980s 3.2%1990s 3.2%2000s 1.9%2010s 2.3%1960s 4.5%1970s 3.3%1950s 4.2%
4Lynwood Public Financing Authority - Page 10 of 33 Agenda Item # 2
Economic and Market Update
Source: Bureau of Labor Statistics
12 Month Average Job Change 375,250
12/31/2022
-22
-20
-18
-16
-14
-12
-10
-8
-6
-4
-2
0
2
4
6
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
M
i
l
l
i
o
n
s
U.S. Monthly Non-Farm Payrolls Change
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
M
i
l
l
i
o
n
s
U.S. Monthly Non-Farm Payrolls YOY Change
5Lynwood Public Financing Authority - Page 11 of 33 Agenda Item # 2
Economic and Market Update
Source: Bureau of Labor Statistics
12/31/2022
0
5
10
15
20
25
30
Ju
n
-
1
8
Au
g
-
1
8
Oc
t
-
1
8
De
c
-
1
8
Fe
b
-
1
9
Ap
r
-
1
9
Ju
n
-
1
9
Au
g
-
1
9
Oc
t
-
1
9
De
c
-
1
9
Fe
b
-
2
0
Ap
r
-
2
0
Ju
n
-
2
0
Au
g
-
2
0
Oc
t
-
2
0
De
c
-
2
0
Fe
b
-
2
1
Ap
r
-
2
1
Ju
n
-
2
1
Au
g
-
2
1
Oc
t
-
2
1
De
c
-
2
1
Fe
b
-
2
2
Ap
r
-
2
2
Ju
n
-
2
2
Au
g
-
2
2
Oc
t
-
2
2
De
c
-
2
2
Pe
r
c
e
n
t
Unemployment Rates
U.S.A Nevada California Idaho Washington Hawaii Oregon Utah
6Lynwood Public Financing Authority - Page 12 of 33 Agenda Item # 2
Economic and Market Update
Source: Bureau of Labor Statistics
12/31/2022
128
130
132
134
136
138
140
142
144
146
148
150
152
154
156
De
c
-
1
2
Ju
l
-
1
3
Fe
b
-
1
4
Se
p
-
1
4
Ap
r
-
1
5
No
v
-
1
5
Ju
n
-
1
6
Ja
n
-
1
7
Au
g
-
1
7
M
a
r
-
1
8
Oc
t
-
1
8
M
a
y
-
1
9
De
c
-
1
9
Ju
l
-
2
0
Fe
b
-
2
1
Se
p
-
2
1
Ap
r
-
2
2
No
v
-
2
2
M
i
l
l
i
o
n
s
U.S. Number of Employed
Full-Time and Part-Time
60.0
60.5
61.0
61.5
62.0
62.5
63.0
63.5
64.0
De
c
-
1
2
Ju
l
-
1
3
Fe
b
-
1
4
Se
p
-
1
4
Ap
r
-
1
5
No
v
-
1
5
Ju
n
-
1
6
Ja
n
-
1
7
Au
g
-
1
7
M
a
r
-
1
8
Oc
t
-
1
8
M
a
y
-
1
9
De
c
-
1
9
Ju
l
-
2
0
Fe
b
-
2
1
Se
p
-
2
1
Ap
r
-
2
2
No
v
-
2
2
Pe
r
c
e
n
t
U.S. Labor Force Participation Rate
7Lynwood Public Financing Authority - Page 13 of 33 Agenda Item # 2
Economic and Market Update
Source: Department of Labor and Bloomberg
12/31/2022
Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for
unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must
be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
19
9
6
19
9
7
19
9
8
19
9
9
20
0
0
20
0
1
20
0
2
20
0
3
20
0
4
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
20
1
3
20
1
4
20
1
5
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
20
2
2
M
i
l
l
i
o
n
s
Weekly Initial Jobless Claims
(4 Week Moving Average)
8Lynwood Public Financing Authority - Page 14 of 33 Agenda Item # 2
Economic and Market Update
*Real: Inflation Adjusted
Source: U.S. Census Bureau Source: Conference Board
12/31/2022
-30
-20
-10
0
10
20
30
40
50
60
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
Pe
r
c
e
n
t
U.S. Real* Retail Sales YOY % Change
40
50
60
70
80
90
100
110
120
130
140
Ju
n
-
1
2
De
c
-
1
2
Ju
n
-
1
3
De
c
-
1
3
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
De
c
-
2
2
In
d
e
x
V
a
l
u
e
U.S. Consumer Confidence
9Lynwood Public Financing Authority - Page 15 of 33 Agenda Item # 2
Economic and Market Update
CPIX: Consumer Price Index, excluding food and energy PCEC: Personal Consumption Expenditure Core
Source: Bureau of Labor Statistics and Bureau of Economic Analysis
12/31/2022
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
Pe
r
c
e
n
t
CPI and CPIX YOY % Change
CPI CPIX
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
Pe
r
c
e
n
t
PCE and PCEC YOY % Change
PCE PCEC
10Lynwood Public Financing Authority - Page 16 of 33 Agenda Item # 2
Economic and Market Update
Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors)
Source: Case-Shiller Seasonally Adjusted Annual Rate
12/31/2022
0
2
4
6
8
10
12
14
16
18
20
22
24
Ju
l
-
1
4
De
c
-
1
4
M
a
y
-
1
5
Oc
t
-
1
5
M
a
r
-
1
6
Au
g
-
1
6
Ja
n
-
1
7
Ju
n
-
1
7
No
v
-
1
7
Ap
r
-
1
8
Se
p
-
1
8
Fe
b
-
1
9
Ju
l
-
1
9
De
c
-
1
9
M
a
y
-
2
0
Oc
t
-
2
0
M
a
r
-
2
1
Au
g
-
2
1
Ja
n
-
2
2
Ju
n
-
2
2
YO
Y
P
e
r
c
e
n
t
Case-Shiller 20 City U.S. Home Price Index
YOY % Increase
200
300
400
500
600
700
800
900
1,000
1,100
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
Ne
w
-Th
o
u
s
a
n
d
s
Ex
i
s
t
i
n
g
-M
i
l
l
i
o
n
s
U.S. New and Existing Home Sales
Existing-Left
New-Right
11Lynwood Public Financing Authority - Page 17 of 33 Agenda Item # 2
Economic and Market Update
Source: U.S. Treasury
12/31/2022
$12
$13
$14
$15
$16
$17
$18
$19
$20
$21
$22
$23
$24
$25
$26
$27
$28
$29
$30
$31
$32
$33
De
c
-
1
2
Ju
n
-
1
3
De
c
-
1
3
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
Tr
i
l
l
i
o
n
s
U.S. Federal Debt Outstanding
1.3
1.5
1.7
1.9
2.1
2.3
2.5
2.7
De
c
-
1
2
Ju
n
-
1
3
De
c
-
1
3
Ju
n
-
1
4
De
c
-
1
4
Ju
n
-
1
5
De
c
-
1
5
Ju
n
-
1
6
De
c
-
1
6
Ju
n
-
1
7
De
c
-
1
7
Ju
n
-
1
8
De
c
-
1
8
Ju
n
-
1
9
De
c
-
1
9
Ju
n
-
2
0
De
c
-
2
0
Ju
n
-
2
1
De
c
-
2
1
Ju
n
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Interest Bearing Debt Avg Rate
12Lynwood Public Financing Authority - Page 18 of 33 Agenda Item # 2
Economic and Market Update
Fed Funds Anticipated Rate from the September 21, 2022 FOMC Meeting
Source: Bloomberg
12/31/2022
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
De
c
-
2
0
2
2
Ja
n
-
2
0
2
3
Fe
b
-
2
0
2
3
M
a
r
-
2
0
2
3
Ap
r
-
2
0
2
3
M
a
y
-
2
0
2
3
Ju
n
-
2
0
2
3
Ju
l
-
2
0
2
3
Au
g
-
2
0
2
3
Se
p
-
2
0
2
3
Oc
t
-
2
0
2
3
No
v
-
2
0
2
3
De
c
-
2
0
2
3
Ja
n
-
2
0
2
4
Fe
b
-
2
0
2
4
M
a
r
-
2
0
2
4
Ap
r
-
2
0
2
4
M
a
y
-
2
0
2
4
Ju
n
-
2
0
2
4
Ju
l
-
2
0
2
4
Au
g
-
2
0
2
4
Se
p
-
2
0
2
4
Oc
t
-
2
0
2
4
No
v
-
2
0
2
4
De
c
-
2
0
2
4
Ja
n
-
2
0
2
5
Fe
b
-
2
0
2
5
M
a
r
-
2
0
2
5
Ap
r
-
2
0
2
5
M
a
y
-
2
0
2
5
Ju
n
-
2
0
2
5
Ju
l
-
2
0
2
5
Au
g
-
2
0
2
5
Se
p
-
2
0
2
5
Oc
t
-
2
0
2
5
No
v
-
2
0
2
5
De
c
-
2
0
2
5
Ja
n
-
2
0
2
6
Pe
r
c
e
n
t
Fed Funds FuturesFed's Anticipated Rates
Fed Funds Futures
13Lynwood Public Financing Authority - Page 19 of 33 Agenda Item # 2
Economic and Market Update
Source: Bloomberg
Figures may not total due to rounding
12/31/2022
3Y 4.23 4.29 -0.06
30Y 3.97 3.78 0.19
5Y 4.01 4.09 -0.09
10Y
4.37
3.88 3.83 0.04
Change9/30/2212/30/22
3M
Maturity
0.154.284.432Y
0.723.994.711Y
0.833.934.766M
1.103.27
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
3M 6M 1Y 2Y 3Yr 5Y 10Y 30Y
Pe
r
c
e
n
t
U.S. Treasury Yield Curve Change
12/30/22
9/30/22
-20
0
20
40
60
80
100
120
3M 6M 1Y 2Y
3Y
r 5Y
10
Y
30
Y
Ba
s
i
s
P
o
i
n
t
s
Basis Point Change
14Lynwood Public Financing Authority - Page 20 of 33 Agenda Item # 2
Economic and Market Update
Source: Bloomberg
12/31/2022
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
5.00
De
c
-
1
7
M
a
r
-
1
8
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Yields: 3M and 1Y
1Y
3M
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
4.75
De
c
-
1
7
M
a
r
-
1
8
Ju
n
-
1
8
Se
p
-
1
8
De
c
-
1
8
M
a
r
-
1
9
Ju
n
-
1
9
Se
p
-
1
9
De
c
-
1
9
M
a
r
-
2
0
Ju
n
-
2
0
Se
p
-
2
0
De
c
-
2
0
M
a
r
-
2
1
Ju
n
-
2
1
Se
p
-
2
1
De
c
-
2
1
M
a
r
-
2
2
Ju
n
-
2
2
Se
p
-
2
2
De
c
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Yields: 2Y and 5Y
5Y
2Y
15Lynwood Public Financing Authority - Page 21 of 33 Agenda Item # 2
Economic and Market Update
Source: Bloomberg
12/31/2022
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Jan
-
5
4
Jan
-
5
6
Jan
-
5
8
Jan
-
6
0
Jan
-
6
2
Jan
-
6
4
Jan
-
6
6
Jan
-
6
8
Jan
-
7
0
Jan
-
7
2
Jan
-
7
4
Jan
-
7
6
Jan
-
7
8
Jan
-
8
0
Ja
n
-
8
2
Jan
-
8
4
Jan
-
8
6
Jan
-
8
8
Jan
-
9
0
Jan
-
9
2
Jan
-
9
4
Jan
-
9
6
Jan
-
9
8
Jan
-
0
0
Jan
-
0
2
Jan
-
0
4
Jan
-
0
6
Ja
n
-
0
8
Jan
-
1
0
Jan
-
1
2
Jan
-
1
4
Jan
-
1
6
Jan
-
1
8
Jan
-
2
0
Jan
-
2
2
Pe
r
c
e
n
t
U.S. Treasury Yields 2Yr and 5Yr -Fed Funds Target Rate
5Yr
2Yr
Fed Funds
16Lynwood Public Financing Authority - Page 22 of 33 Agenda Item # 2
Economic and Market Update
Source: Bloomberg
12/31/2022
Global Treasury Rates
2 Year Yields 5 Year Yields 10 Year Yields
0.03%
1.22%
2.74%
2.77%
2.83%
2.89%
3.24%
3.40%
3.53%
4.05%
4.43%
-2.0%0.0%2.0%4.0%
Japan
Switzlnd
Germany
Portugal
France
Spain
Italy
Australia
England
Canada
USA
0.23%
1.42%
2.57%
2.87%
2.95%
3.14%
3.41%
3.60%
3.68%
4.00%
4.00%
-1.0%1.0%3.0%5.0%
Japan
Switzlnd
Germany
France
Portugal
Spain
Canada
England
Australia
Italy
USA
0.41%
1.58%
2.57%
3.11%
3.30%
3.58%
3.65%
3.66%
3.87%
4.05%
4.70%
0.0%1.0%2.0%3.0%4.0%5.0%
Japan
Switzlnd
Germany
France
Canada
Portugal
Spain
England
USA
Australia
Italy
17Lynwood Public Financing Authority - Page 23 of 33 Agenda Item # 2
Economic and Market Update
ICE BofAML Index (option adjusted spread vs. Treasury)ICE BofAML Index (option adjusted spread vs. Treasury)
1-5Yr Non-Callable Agency (GVPB)Corporate A-AAA Excluding Yankee (CVAC)
Source: ICE BofAML Indices
12/31/2022
Current Spread is 7 Current Spread is 69
-20
0
20
40
60
80
100
120
140
160
180
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: 1-5Yr Agency vs Treasury
0
50
100
150
200
250
300
350
400
450
500
550
600
650
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: 1-5Yr A-AAA Corporate vs Treasury
18Lynwood Public Financing Authority - Page 24 of 33 Agenda Item # 2
Economic and Market Update
*ICE BofAML Index (option adjusted spread vs. Treasury)*ICE BofAML Index (option adjusted spread vs. Treasury)
AAA Rated ABS (R0A1)CMO Agency 0-3Yr PAC (CM1P)
Source: ICE BofAML Indices
12/31/2022
Current Spread is 88 Current Spread is 71
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: AAA Asset Backed vs Treasury
-150
-100
-50
0
50
100
150
200
250
300
No
v
-
0
8
No
v
-
0
9
No
v
-
1
0
No
v
-
1
1
No
v
-
1
2
No
v
-
1
3
No
v
-
1
4
No
v
-
1
5
No
v
-
1
6
No
v
-
1
7
No
v
-
1
8
No
v
-
1
9
No
v
-
2
0
No
v
-
2
1
No
v
-
2
2
Ba
s
i
s
P
o
i
n
t
s
Spread: 0-3Yr Agency CMO vs Treasury
19Lynwood Public Financing Authority - Page 25 of 33 Agenda Item # 2
Economic and Market Update
Source: Bloomberg
12/31/2022
-7.0
-1.9
-0.1
0.6 0.7 0.9 1.6 1.9 2.0 2.4
4.3 4.7 4.8
7.4 7.6
8.6 9.0 9.7
10.8
15.8 15.9
17.7
(10)
(5)
0
5
10
15
20
Pe
r
c
e
n
t
Selected Sector Quarterly Total Returns
20Lynwood Public Financing Authority - Page 26 of 33 Agenda Item # 2
Economic and Market Update
Source: Bloomberg
12/31/2022
-32.6 -31.2
-26.2
-21.9 -21.2
-18.2 -18.0 -16.2 -15.2 -14.4 -13.1 -13.0 -12.2 -12.2
-7.0 -5.6 -3.9
-0.6
0.9
9.5
17.5
29.0
(40)
(30)
(20)
(10)
0
10
20
30
40
Pe
r
c
e
n
t
Selected Sector Year-Over-Year Total Returns
21Lynwood Public Financing Authority - Page 27 of 33 Agenda Item # 2
Economic and Market Update
Sources: Bloomberg, FHN Main Street
12/31/2022
3.50
3.60
3.70
3.80
3.90
4.00
4.10
4.20
4.30
4.40
4.50
9/
3
0
/
2
2
10
/
3
/
2
2
10
/
6
/
2
2
10
/
9
/
2
2
10
/
1
2
/
2
2
10
/
1
5
/
2
2
10
/
1
8
/
2
2
10
/
2
1
/
2
2
10
/
2
4
/
2
2
10
/
2
7
/
2
2
10
/
3
0
/
2
2
11
/
2
/
2
2
11
/
5
/
2
2
11
/
8
/
2
2
11
/
1
1
/
2
2
11
/
1
4
/
2
2
11
/
1
7
/
2
2
11
/
2
0
/
2
2
11
/
2
3
/
2
2
11
/
2
6
/
2
2
11
/
2
9
/
2
2
12
/
2
/
2
2
12
/
5
/
2
2
12
/
8
/
2
2
12
/
1
1
/
2
2
12
/
1
4
/
2
2
12
/
1
7
/
2
2
12
/
2
0
/
2
2
12
/
2
3
/
2
2
12
/
2
6
/
2
2
12
/
2
9
/
2
2
Pe
r
c
e
n
t
5 Year Treasury Note Yield
Yields Higher After
Bank Of Japan Raises
Cap On 10-Year Japan
Government Bonds
Core CPI Up 0.6%
Month Over Month
Fed Hikes Rates
75bpsUnemployment Rate
Dropped To 3.5%, The
Lowest Level In Decades
Q3 GDP Up 2.6%
Powell Says Fed May
Slow Down Pace Of
Rate Hikes
Treasuries Post Biggest
Annual Loss Ever, As
Inflation Takes Toll
CPI YoY Up 7.1% Versus
Expected 7.3%, Beating
Expectations
San Francisco Fed's Daly
Says Rate Pause Is Off
The Table
October CPI 0.4% MoM
Core 0.3%
22Lynwood Public Financing Authority - Page 28 of 33 Agenda Item # 2
Economic and Market Update
Sources: Bloomberg, FHN Financial, FHN Main Street
12/31/2022
28,000
29,000
30,000
31,000
32,000
33,000
34,000
35,000
9/
3
0
/
2
2
10
/
3
/
2
2
10
/
6
/
2
2
10
/
9
/
2
2
10
/
1
2
/
2
2
10
/
1
5
/
2
2
10
/
1
8
/
2
2
10
/
2
1
/
2
2
10
/
2
4
/
2
2
10
/
2
7
/
2
2
10
/
3
0
/
2
2
11
/
2
/
2
2
11
/
5
/
2
2
11
/
8
/
2
2
11
/
1
1
/
2
2
11
/
1
4
/
2
2
11
/
1
7
/
2
2
11
/
2
0
/
2
2
11
/
2
3
/
2
2
11
/
2
6
/
2
2
11
/
2
9
/
2
2
12
/
2
/
2
2
12
/
5
/
2
2
12
/
8
/
2
2
12
/
1
1
/
2
2
12
/
1
4
/
2
2
12
/
1
7
/
2
2
12
/
2
0
/
2
2
12
/
2
3
/
2
2
12
/
2
6
/
2
2
12
/
2
9
/
2
2
Dow Jones Industrial Average
Sales Forecast By Best Buy
Dampens Concerns High
Inflation Would Lead To
Poor Holiday Shopping
Season
Upbeat Corporate Earnings
And Economic Data Cause
Stocks To Rally
August Job
Openings Fall To 14-
Month Low
Powell Says Fed Could
Slow Down Pace Of
Interest Rate Hikes As
Early As December
University Of Michigan Inflation
Expectations Rise For First Time
In Seven Months
Lower Than Expected
October CPI Raises Hopes
For Slower Tightening
Apple Gains On Earnings
Help Push Stocks Higher
Smaller Than Expected
Increase In CPI Lifts
Investor Confidence
Pace Of Rate Hikes
Expected To Slow
23Lynwood Public Financing Authority - Page 29 of 33 Agenda Item # 2
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24Lynwood Public Financing Authority - Page 30 of 33 Agenda Item # 2
1
MONTHLY ECONOMIC REVIEW
DECEMBER 2022
NATIONAL RETAIL FEDERATION
After two straight quarters of year-over-year decline, the third quarter’s 2.6% annualized growth in
gross domestic product was a solid improvement and much better than expected. The third quarter’s
results clearly dispelled the notion that the U.S. economy is in a recession, and the silver lining was the
ongoing resiliency in consumption. Even though consumers made fewer purchases, they continued to
spend on both goods and services and helped lift GDP. A strong labor market, rising wages and access to
excess savings built up during the pandemic have given households strong balance sheets that have
helped spending continue despite inflation and higher interest rates.
Nonetheless, the economy is cooling and interest-sensitive sectors, in particular, have seen a significant
pullback in spending. This has been especially notable in housing, where the Federal Reserve's
aggressive efforts to rein in inflation have resulted in a sharp rise in mortgage rates that have left many
potential buyers unable to afford a home. Correspondingly, builder confidence in the market for newly
built single-family homes posted its 11th straight monthly decline in November and builders are cutting
back on single-family construction.
GDP is expected to grow very gradually in the closing months of 2022, at best about half of what was
recorded in the third quarter. Consumers are stepping back to a degree and changing how they allocate
their resources, spending more on food and less on other retail goods. At the same time, spending on
services has been hearty in recent months and there is no reason to expect that it will moderate even
with the continued upward pace of service sector inflation.
Even with inflation, the willingness to spend has been stable for the better part of this year, with retail
sales growing 7.5% year over year for the first 10 months. That is on track with NRF’s forecasts that
overall, 2022 retail sales and November-December holiday sales will both grow between 6% and 8%
over 2021. The pace slowed to 6.5% in October, but that was largely due to the comparison against
strong early holiday shopping in 2021.
Many eyes have focused on October’s inflation data, and a range of measures was better than expected.
The big questions are whether inflation has peaked, and will it be coming down? The Consumer Price
Index was up 7.7% year over year, down from 8.2% in September for the lowest inflation level since
January. At the same time, core inflation (which excludes food and energy) was at 6.3%, down from
September’s 40-year high of 6.6%. Meanwhile, average hourly earnings for October were up 4.7% year
over year compared with 5% in September, also sending a message that inflation may be receding.
While these changes were all in the right direction, it is too soon to see if they are the beginning of a
stable downward trend.
Overall job growth has clearly slowed since the start of the year, but labor demand is not cooling as
quickly as the Fed – and markets – would like. Additions are moderating but job openings bounced back
in September to 10.7 million from 10.3 million in August. The labor market eased somewhat in October
as payrolls increased by 261,000.
Lynwood Public Financing Authority - Page 31 of 33 Agenda Item # 2
2
It is hard to anticipate whether the Fed’s monetary tightening will lead to a recession or how bad one
might be if it does occur. The risk is clearly elevated by the current framework of rate hikes, but the full
effects remain to be seen and one key is how much slowing in the labor market is needed to bring wage
growth in line with the Fed’s long-run inflation goals.
As the labor market slows further, as expected in 2023, income growth should slow with it. The good
news is that slower job gains should sap momentum from both consumer spending and rising labor
costs, hopefully reducing inflationary pressure.
Even though both may slow, employment will still be growing, and consumer spending should remain
positive. There will be economic hardships, and some may feel like they are in a recession. But for those
who have jobs and feel secure about their employment, careful spending will continue. The downside
risk is that “sticky” wages and prices for services – both tend to stay up once they go up – will keep
inflation aloft and push the Fed to hold rates higher for longer.
So, what does this all mean? The slowdown in economic growth in 2022 combined with the expansion in
the labor market have clearly helped bring economic activity in better balance with labor. But there is a
long journey ahead between where we are now and where we need to be. If inflation pressures
continue to lessen, the Fed may not be inclined to persist with aggressive interest rate hikes, but that
remains to be seen. In the meantime, if prices for gas, groceries and other products decelerate, we will
all be able to breathe a little easier.
CONFERENCE BOARD GLOBAL ECONOMIC REPORT
Global real GDP growth is slowing rapidly, from 5 percent year over year in Q3 of 2021 to 3.3 percent in
Q3 of 2022. As headwinds to global growth are intensifying, we expect yearly global GDP growth to
moderate further to about 2 percent from Q4 2022 onward. Headwinds include persistent inflationary
pressures limiting demand and production, very rapid tightening of global financial conditions, and low
levels of business and consumer confidence in large economies around the world.
The Conference Board Global Leading Economic Index has contracted for a couple of months now,
pointing to rising risks of a downturn. Our forecast for global GDP is for 3.2 percent growth in 2022 and
2.1 percent in 2023. Global growth of 2.1 percent does not formally constitute a global recession, but if
achieved it would be the weakest growth rate since 2001 (outside of global recession years 2009 and
2020). In 2024, the global economy likely will experience a modest revival to 2.7 percent growth as
shocks related to the pandemic, inflation, and monetary tightening fade. However, growth rates in 2024
After growing by an estimated 1.9 percent in 2022, real GDP is forecast to stagnate for the full year of
2023 and pick up again in 2024 with 1.7 percent growth.
Europe
Europe has likely entered into recession as of Q4 2022 and probably will remain so into the early part of
2023. European economies expected to experience recession include large economies such as Italy,
Germany, and the UK, as well as smaller economies such as Czech Republic, Denmark, Hungary, Poland,
Romania, Sweden, and Switzerland. CEO confidence fell to an all-time low in H2 2022, reflecting the
Lynwood Public Financing Authority - Page 32 of 33 Agenda Item # 2
3
challenging outlook ahead. Still, a variety of factors including fading supply chain woes, a robust labor
market, and fiscal stimulus portend a short and shallow recession.
After growing by an estimated 3.5 percent in 2022, real GDP is forecast to slow to 0.2 percent growth for
the full year of 2023 and pick up again in 2024 with 1.1 percent growth.
China
The Chinese economy has been buffeted by significant challenges from the pandemic, housing, and
external trade in 2022. Businesses and consumers chafed at mobility restrictions and lockdowns, and the
government has responded by softening its dynamic zero-COVID-19 policies. Confidence among
multinational company CEOs improved in H2 2022 in anticipation of better economic performance in
2023. Still, China is not ready to fully shift away from the polices, given low vaccination rates among the
elderly and widespread fear of the virus among the general population. Even once restrictions are lifted,
there will be an adjustment period as the fear factor subsides. This points to H2 2023 as the period for a
resurgence of consumer spending on services, limiting full-year 2023 growth.
After growing by an estimated 2.7 percent in 2022, real GDP is forecast to pick up to 5.1 percent growth
for the full year of 2023 and 4.8 percent for 2024.
Emerging Markets
Economic conditions for economies outside China, Europe, and the US are expected to be mixed. While
Asian economies apart from China have fared well from reopening, postpandemic, slowing external
demand as the US and Europe head toward recession is beginning to cloud growth prospects. The same
is true for Latin American economies dependent upon trade with the US and in commodities, whose
prices have retreated from early-year peaks. Tighter monetary policy and political instability threatening
fiscal outlooks are also troubling select Latin American economies. Elsewhere, Turkey will experience
materially slower growth in 2023, but it will avoid recession. Russia and Ukraine will remain in recession
due to the ongoing conflict, sanctions (Russia), and widespread destruction (Ukraine).
Lynwood Public Financing Authority - Page 33 of 33 Agenda Item # 2