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Let's dig into some of the Q4 bank earnings that came out last week. First up Bank of America (BAC) which posted its largest full-year profit in history at $28.15 billion. (WSJ) So how did they accomplish such a feat? Well, let's just see what their interest rate differential was, i.e. what ar...
The word is that Federal Reserve officials are considering slowing down or stopping altogether the efforts to reduce the size of its securities portfolio, something it began in October 2017. Nick Timiraos writes in the Wall Street Journal, “Federal Reserve officials are near decidin...
I frequently get questions about my recent proposal to increase Fed accountability and transparency . Thus I thought it might be useful to make another attempt to explain the idea, based on some of the misconceptions that I have come across in conversation. Here are nine important points to k...
There were no major U.S. Federal Bank speeches this week, so let's dive into the market overall, starting with corporates. CCC yields (in blue) widened sharply between 10/18 and 12/18, rising about 425 basis points (left scale). Spreads have tightened a bit since then, coming down to about 1...
By Kathy A Jones We ended 2018 with a cautious outlook. Our concerns centered on the effect of the Federal Reserve's policy tightening on the economy and the market's appetite for risk, at a time when valuations for bonds were high. We suggested a cautious approach to riskier areas of the ...
A Return To Normalcy In the first two years after a newly elected President takes office he enacts a major tax cut that primarily benefits the wealthy and significantly raises tariffs on imports. His foreign policy is erratic but generally pulls the country back from foreign commitments. He ...
I expect that I will discuss probit recession models further in later articles, but I first want to have a long detour to discuss the use of the yield curve as an input to those models. It is not surprising that the yield curve has worked as a recession indicator, but we need to be cautious ab...
The global media seems endlessly fascinated by the question of whether monetary policy in the US is too easy or too tight, even as the Fed comes amazingly close to hitting its targets. I suppose this interest can be partly justified by the size and influence of the US, which David Beckworth ca...
By Landon Whaley Investors are paying attention to the wrong aspect of the Federal Reserve policy. I've seen enough Fed soundbites from both hawks and doves over the last few weeks to last me a lifetime. However, as is usually the case, people are focused on the wrong aspect of monetary po...
Everyone knows the message of the yield curve, right? An inverted yield curve is an absolutely reliable indicator that a recession is coming in about 12 to 24 months. A positively sloped yield curve means that no recession is on the horizon. So riddle me this: what does it mean when one re...
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Barclays Bank PLC ZC SP REDEEM 13/08/2020 USD 50 - Ser A 06740L469 Company Name:
DTUL Stock Symbol:
NASDAQ Market:
Barclays Bank PLC announced today that it plans to transfer the primary listing venue for 16 iPath® Exchange Traded Notes (the “ETNs”) to the Cboe Global Markets. The affected ETNs are: The first day of trading for these ETNs on the Cboe is expected to be on or about M...
Barclays Bank PLC (“Barclays”) announced today that the NASDAQ exchange (the “Exchange”) has notified Barclays that the listing of the iPath ® US Treasury 2-year Bull ETN (the “ETNs”) (Ticker: DTUL) no longer complies with certain of the Exchan...