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Well, that didn't take long! Four days ago, I stated the following in an article titled " Why are Bonds Going for Broke? ": Central banks are losing control, and are admitting they don't even understand what is happening. I quoted St. Louis Reserve Bank president, James Bullard, who comm...
By Krishna Memani, Vice Chairman of Investments If you just judge Jay Powell by Trump's tweets, you are excused for concluding that Powell is the worst Fed chair in modern history. Even if you asked the Fed watchers and commentariat for their opinion of Mr. Powell, you would probably...
By James Ong, Director, Derivative Portfolio Management , and Marques Mercier, Senior Portfolio Manager and Head of Global Government Funds in Global Liquidity, Invesco Fixed Income The Federal Reserve (Fed) cut interest rates by 25 basis points Wednesday to a range between 1.75% and ...
It's been interesting watching the views on the Fed regarding policy change over the last year and a half. Its views on GDP growth and Fed funds reversed as it followed its trailing indicators. After all, what economic variable moves later than unemployment? Have a look at the rest of the gr...
By Sonal Desai, Ph.D., Executive Vice President, Chief Investment Officer, Franklin Templeton Fixed Income The US Federal Reserve cut its benchmark short-term interest rate for the second time this year, but some observers were disappointed the Fed didn't more strongly signal future easin...
By Krishna Memani, Vice Chairman of Investments If you have been in the bond market for a long time, you know that simple things are actually quite complicated. Whether it is a new issuance, hedging, yield and return calculations, or curve shapes - even simple stuff ends up being quite...
Banks' "reporting" dates are known inflection points in the short-term funding markets and typically fall at the end of the month, quarter, and of course the year. But periodically, the 15th of the month is also a pressure point. Such was the case this past Monday when a short-term funding rat...
As expected, the Federal Open Market Committee (FOMC) reduced the fed funds range by another 25 basis points to 1.75%-2.00% at its September meeting, making this the second cut since the Federal Reserve stopped hiking interest rates last December. However, we see two bigger takeaways from Wedn...
The pundits and the media were debating for several weeks leading up to the last Fed meeting about what the Fed was going to do and the effect they thought it would have on the market. And, it amazes me that the great majority of the market does not realize how much of a waste of time these de...
As the Chief Global Strategist, Fixed Income for my firm, I am often overwhelmed by the various tasks I am involved in daily. I spend a good bit of the early morning, I get up at about 3:30 A.M., seven days a week, just doing one thing, which is "thinking." Playing the "Great Game" is not for ...