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Confused about the outlook for US inflation? Wednesday's conflicting news on this front isn't helping. The New York Fed's monthly survey of consumers in October finds that "short-term inflation expectations have declined to their lowest level since the start of the series in June 2013." Th...
Rick Rieder, Russ Brownback and Trevor Slaven contend that much of the recent criticism brought to bear against Fed policy makers is misguided, and in fact, the central bank has done an admirable job of pivoting toward a pragmatic equilibrium in recent months. We have talked in the past ab...
Not too long ago, we wrote about the so called Modern Monetary so called Theory ((MMT)). It is not modern, and it is not a theory. We called it a cargo cult . You'd think that everyone would know that donning fake headphones made of coconut shells, and waving tiki torches will not summon airp...
The news media, bank executives, the U.S. Federal Reserve (the Fed) chairman and even presidential candidates have made remarks about the recent spike in short-term funding rates. What caused the spike, and why is it important? In mid-September, there was a significant spike in the overnight...
Consider - and consider closely - intermediate-term bonds. Over the past 16 months, our yield curve has gyrated more than Chubby Checker - your King of Twist - at a Saturday night kegger. Just take a gander at the chart below. The red curve depicts the normal Treasury debt market extant on...
An interesting dynamic has emerged in high yield ((HY)) markets following the overall rally in bond yields year to date. On the one hand, the presumed "margin of safety" that yield provides against future defaults has declined, thereby shifting the potential distribution of future returns more...
By Robert Eisenbeis, Ph.D. Following the FOMC's announcement of its third consecutive rate cut after its meeting this week, speculation immediately broke out among market participants about whether additional cuts or even rate increases might be on the horizon going into 2020. However, suc...
The yield curve still seems to be following the bearish timeline. My axioms here are: 1) The true measure of inversion isn't a slope of zero. At the zero lower bound, it is a slope of a little more than 1% (10 year minus Fed Funds), which declines as the base yield rises. (At about 5%, meani...
Over the last several months we have seen much action in the interest rate realm. We have seen the Fed begin a “non-QE” bond buying program, which has now reached levels in excess of QE3. We have also seen the Fed lower their rate several times. However, if anyone has been paying...
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Direxion Daily 20+ Year Treasury Bear 1X Shares Direxion Shares ETF Trust Company Name:
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NEW YORK , Aug. 28, 2020 /PRNewswire/ -- Direxion continually reviews its product range to ensure it's meeting the needs of our clients. Based upon a recent review, the Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close 15 ETFs (each, a "Fund" and c...