Chasing Yields
Our latest musings about actions and events affecting the investment landscape
Treasury Releases Quarterly Auction Schedule
The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $96.3 billion of privately-held Treasury notes and bonds maturing on August 15, 2026.
Warsh Takes The Helm With Clear Message
The Federal Open Market Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve’s dual mandate, and continuing its policy of maintaining ample reserves in the banking system.
Looking Back to Look Forward
One of the most famous and impactful quotes on the importance of understanding history comes from Winston Churchill: “The farther backward you can look, the farther forward you are likely to see.”
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IBM – Timing Is Everything
On Tuesday, IBM shares crashed roughly 25%, the worst single-day drop in the company’s history, after pre-announcing preliminary Q2 results that badly missed expectations
Keeping More of What You Earn: Managing Taxation with Municipal Bonds
Every investor is familiar with the quiet frustration of watching a solid return diminish under the weight of taxes and inflation.
Warsh Reminds Investors Where He Stands on Guidance
Federal Reserve Chairman Kevin Warsh used his appearance with CNBC’s Sara Eisen at the ECB Forum on Central Banking to reaffirm his stance against forward guidance.
Individual Bond Investing Offers Near Certainty And Predictability
One of the most frequent questions fixed-income investors ask is whether it is better to buy individual bonds or invest in a bond fund.
Communication: The Most Critical Step In An Advisor-Client Relationship
Successful investing starts with one thing — open, honest communication. Just as a doctor needs to know all your symptoms to properly diagnose and treat you.
Yields Fluctuate Markets Try to Read Inflation
Bond yields pulled back from last week’s elevated levels today as the 10-year Treasury dipped to a low of 4.47% from the high of 4.69% on 5/19.
A New Voice at the Fed — What Warsh’s Arrival Means for Bond Investors
Kevin Warsh will be sworn in as the 17th chair of the Federal Reserve this Friday, May 22, in a White House ceremony — and bond investors have good reason to pay attention.
Inflation’s Back with a Bang: April PPI Comes in Far Hotter Than Expected
If markets were hoping for a quiet Wednesday morning, today’s Producer Price Index data had other ideas.
The April PPI figure surged to 1.4% month-on-month — a substantial overshoot compared to the forecasted 0.5% and nearly double the previous month’s reading of 0.7%.
SEC Proposes Shift to Semiannual Reporting
Quarterly earnings reports have anchored market transparency for decades, but that may be changing.