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March 2006
 
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Using the Yield Curve to Forecast Interest Rates

Obtaining Greater Balance Sheet Liquidity and Flexibility via the Seattle Bank’s Expanded Collateral Program

Seattle Bank Yield Curve Optimal Points Analysis

Select Forecasts of Key Economic Statistics

Commentary


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Select Forecasts of Key Economic Statistics

Quarterly Estimates
 
Est. 1Q/2Q 2006 GDP % Change
Est. 1Q/2Q 2006 Unemployment Rate %
Est. Fed Funds Rate 6.30.06/12.31.06
Est. 10-Year Treasury 6.30.06/12.31.06
Next Release Date
3/30/2006
4/7/2006
-
-
Argus Research - R. Yamarone
5.20/3.10
4.80/4.80
5.25/5.50
4.75/5.10
Bank of America - P. Kretzmer
4.60/3.90
4.80/4.80
4.75/4.75
4.70/4.90
Barclays Capital - D. Maki
4.50/3.00
4.90/4.70
4.75/4.75
4.50/4.90
Cantor Fitzgerald - J. Herrmann
5.00/3.40
4.70/4.70
5.25/5.25
4.90/4.90
Conference Board - K. Goldstein
3.50/2.60
4.80/4.90
4.75/4.75
4.60/4.40
CSFB - N. Soss
4.70/3.70
4.90/4.80
5.00/5.00
4.80/5.00
Goldman Sachs - E. McKelvey
4.50/4.00
4.70/4.60
5.00/5.00
4.70/4.30
Lehman Brothers - J. Abate
5.50/3.50
4.70/4.60
5.25/5.50
5.00/5.20
Merrill Lynch - D. Rosenberg
4.30/2.50
4.80/4.90
4.75/4.25
4.40/4.00
MFR - J. Shapiro
5.10/2.40
4.80/4.80
5.00/5.00
4.90/5.25
Northern Trust - P. Kasriel
4.50/2.50
4.80/5.00
4.75/4.25
4.60/4.15
Wells Fargo - G. Schlossberg
4.90/3.50
4.80/4.70
5.00/5.00
4.80/5.20
Averages
4.69/3.18
4.79/4.78
4.96/4.96
4.72/4.78
Previous Month Averages
4.14/3.14
4.99/5.07
5.25/5.25
5.10/5.14
 
Monthly Estimates
 
Est. 3/06 Michigan Consumer Confidence
Est. 2/06 Industrial Production
Est. 2/06 Leading Economic Indicators
Est. 2/06 Producer Price Index
Next Release Date
3/17/2006
3/17/2006
3/20/2006
3/21/2006
ABN Amro
85.0
n/a
n/a
n/a
BNP Paribas
86.0

1.2

n/a
n/a
Cantor Fitzgerald
88.3
0.7
-0.2
0.0
Citigroup
89.5
0.9
n/a
-0.8
Credit Suisse
88.0
n/a
-0.5
-0.9
Goldman Sachs
n/a
0.5
n/a
n/a
JP Morgan
88.0
0.7
0.8

0.0

Lehman Brothers
89.0
0.8
0.9
0.0
Merrill Lynch
88.0
0.8
-0.4
-0.4
Morgan Keegan
n/a
0.5
0.2
0.5
Morgan Stanley
n/a
0.7
n/a
n/a
Averages
87.7%
0.8
0.1
-0.2

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