The Federal Deposit Insurance Corporation (FDIC) today said Chairman Sheila Bair's official departure will be effective July 8.
"Consistent with previous public statements, Chairman Bair has announced her intention to depart the agency following the expiration of her term as Chairman," the agency said in a press statement. "The FDIC will hold a board meeting during the first week of July. This will be Chairman Bair's final board meeting."
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
