Handout, mp3 replay and webcast replay for our conference call titled Understanding The Yield Curve And How It Drives Growth on June 21, 2017. The handout can be found here (starts with the second post). Mp3 replay can be heard below: Your browser does not support the audio element. Webcast replay below: Comment We discussed the… Continue reading Understanding The Yield Curve And How It Drives Growth
Wall Street Journal – Health-Care Stocks Get a Boost From Senate Bill Rollout Health-care stocks got a lift Thursday after Senate Republicans rolled out their proposed bill to repeal Obamacare. The S&P 500 health-care sector, which has one of the heaviest sector weightings in the benchmark, was by far the best performer around midday. That helped push… Continue reading Surge of Optimism for Health Care ETFs
Bloomberg Business – Pimco’s Ivascyn: Next Inverted Yield Curve May Be Different Recession signal’s power sapped by central-bank moves, he says Some see it as an almost surefire economic law: an inverted yield curve, when long-term bonds yield less than short-term debt, signals a coming recession. That may not hold true in today’s world of unprecedented… Continue reading Will An Inverted Yield Curve Not Produce A Recession This Time?
The Financial Times – Buyback outlook darkens for US stocks Purchases slow significantly in the first three months of the year One of the biggest props of the US stock market is quietly eroding, with corporate share buybacks falling 17.5 per cent year-on-year to $133.1bn in the first quarter of 2017, even as the S&P 500… Continue reading Buybacks Slow
The New York Times – An Index-Fund Evangelist Is Straying From His Gospel Multifactor smart-beta E.T.F.s are now available from many major fund providers, including BlackRock’s iShares, Invesco’s PowerShares, State Street’s SPDRs and WisdomTree E.T.F.s, but their track records are too short to draw any meaningful conclusions. And despite similar names and what purport to be… Continue reading Burton Malkiel Goes To The Dark Side
The Financial Times – New Treasuries ‘repo’ rate to replace Libor Culmination of US efforts to phase out old benchmark after rigging scandal n industry body convened by the US government has chosen a new benchmark interest rate to replace the scandal-ridden Libor gauge as a reference for trillions of dollars of financial instruments. The decision… Continue reading Replacing LIBOR
The Wall Street Journal – One Year On, the Pound Can’t Shake Brexit Blues Brexit, Bank of England cloud outlook for the pound as inflation rises and economic growth shows signs of slowing Political anxiety has dragged on the British pound in the year since the Brexit vote. But now a shaken power structure in Westminster… Continue reading Brexit One Year Later
Bloomberg Business – Tim Duy: Fed’s Labor Market Forecasts Don’t Make Sense There’s a feeling that the unemployment rate projection is essentially being reverse-engineered. “What I don’t like is the feeling that the Fed’s unemployment rate forecast is essentially being reverse-engineered. They have a rate forecast that delivers policy normalization in a time frame… Continue reading How The Fed Forecasts, Start With A Conclusion
The Economist – China enters the big leagues of global markets Inclusion in major stock and bond indices will force investors to put cash in China FROM shoes to shirts and phones to fridges, made-in-China goods have blanketed the globe over the past three decades, entering every country and just about every home. But one kind… Continue reading China Gets Indexed
Bloomberg.com – Machines Won’t Push Humans Out of Finance, Billionaire Gundlach Says Billionaire interviewed at Fixed Income Analysts Society event DoubleLine’s CEO and Dana Emery of Dodge & Cox are honorees Gundlach singled out so-called robo-advisers, which provide online portfolio management using little human intervention, as a dangerous bet. “It’s a one-size-fits-all financial solution,” he said.… Continue reading The Rise Of The Humans
Today at 9 AM CT (10 AM ET, 7 AM PT and 15:00 BST) Bianco Research, in conjunction with Arbor Research & Trading, will be hosting a webcast/teleconference moderated by Jim Bianco. Many yield curves across the globe are at their tightest level since 2007. Join us Thursday as we discuss the yield curve’s effect… Continue reading Understanding The Yield Curve And How It Drives Growth