Bonds

How to juice your credit card loyalty points and rewards

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Investor Returns vs. Market Returns: The Failure Endures

The inability of the crowd to earn anything close to Mr. Market’s performance is a hardy perennial. Although replicating market betas via low-cost index products has become child’s play, the persistent failure by most investors on this front is striking, as a recent study by Dalbar reminds. The ...

U.S Dollar Hanging Tough For Now

September 21: Five things the markets are talking about The Fed’s decision to leave the benchmark interest rate unchanged was entirely anticipated yesterday, but their ‘hawkish’ forecast for where rates will be at the end of the year caught some of the market by surprise. As expected, the Fe ...

Rate Hike Cycles, Gold, and the “Rule of Total Morons”

In response to Janet Yellen’s everything is OK speech following today’s balance sheet reduction notice by the FOMC committee, I received an interesting set of comments from Pater Tenebrarum at the Acting Man Blog regarding rate hike cycles, gold, and stock market peaks. “Rule of Total Morons ...

Tech Talk for Thursday September 21st 2017

  Observations The TSX Composite Index moved above 15,324.56 setting a new intermediate uptrend. Responses to the FOMC announcement were muted: Equity indices initially moved lower, but closed virtually unchanged. The U.S. Dollar Index and its related ETF moved slightly higher. Gold and gold eq ...

September 20, 2017

PerpetualDiscounts now yield 5.43%, equivalent to 7.06% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.05%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 300bp, a significant tightening from the 310bp rep ...

Fed Stays on Course While Taking Another Step on Normalization Path

The Federal Reserve did not surprise.  It did not change interest rates while announcing that its plan to begin reducing its balance sheet will begin next month. Through the economic projections, the FOMC continued to signal that a hike in December is still appropriate.  In fact, the dot plot ...

Fed to Announce QE Reversal

The Fed is about to make history Wednesday, and so far, the market has yawned.Some strategists say that creates the opportunity for a sudden wake up call and a rush of volatility when the Fed releases its statement at 2 p.m. Fed Chair Janet Yellen briefs the media at 2:30 p.m. ET.Chances are that ...

How to Trade in Today’s Placid Bond Markets

Today’s low bond market volatility won’t last forever. But knowing whether a correction will come next week or next year isn’t so important. Having an efficient trading strategy that can execute in both tranquil and turbulent markets is. ...

How the German Election Could Dictate Europe’s Future Direction

As Germany prepares to go to the polls in its general election, David Zahn, Franklin Templeton Fixed Income Group’s head of European fixed income, considers what the result could mean for Europe, the European Union and the eurozone. ...