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September 29, 2015
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What’s Next For The Fed/Markets? A transcript of the September 24, 2015 conference call. Handout Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/092415.mp3|titles=Conference Call ] Webcast [hana-flv-player video=”https://www.biancoresearch.com/bianco/SubscriberArea/092415.flv” width=”600″ height=”495″ description=”” player=”3″ autoload=”false” autoplay=”false” loop=”false” autorewind=”true” splashimage=”https://www.biancoresearch.com/bianco/wp-content/themes/twentyten/images/splash.jpg” /] [pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=272″]
<Click on chart for larger image> CNBC – Fed’s Dudley: Fed will likely raise rates later this year The Federal Reserve will likely raise interest rates later this year, a key central bank official said on Monday. He added that although markets want certainty on when rates will be hiked, that is not possible to… Continue reading When Will The Fed Raise Rates?
<Click on graphic for larger image> Bloomberg.com – The More Yellen Talks Up Inflation, the Less Traders Believe Her Market inflation expectations fall to lowest since 2009 Yellen reiterates view inflation will rise gradually The bond market isn’t buying what Federal Reserve Chair Janet Yellen is selling on inflation. While she reiterated last week that… Continue reading The Market Is Not Listening On Inflation Either
<Click on chart for larger image> The Wall Street Journal – Investors Pull Back From Junk Bonds A decline in investors’ appetite for high-yield bonds poses a threat to the merger boom Investors are pulling back from the junk-bond market, in a shift that threatens to slow the global mergers-and-acquisitions boom. Tepid demand forced European… Continue reading Corporate Bond Concerns
CNBC – Icahn warns of potential looming catastrophe Danger ahead – that’s the warning from Carl Icahn in a video coming tomorrow. The activist says low rates caused bubbles in art, real estate and high-yield bonds – with potentially dramatic consequences. “It’s like giving somebody medicine and this medicine is being given and given and… Continue reading Icahn Is Worried
MoneyBeat (WSJ Blog) – The S&P 500′s BofA Effect Since the financial crisis, banks — and Bank of America Corp. in particular — have often been a drag on S&P 500 earnings. That’s set to change in the third quarter of 2015. Bank of America is expected to be the largest positive contributor to the… Continue reading Looking Ahead To Q3 Earnings
<Click on graphic for larger image> Bloomberg.com – S&P 500 Shows Pattern Similar to Start of Last Two Bear Markets A pattern that accompanied the start of the last two bear markets is showing up in U.S. stocks. Driven by a retreat since mid-August, the Standard & Poor’s 500 Index has seen its average price… Continue reading A Historical Look At Past Bear Markets
The Financial Times – Active funds underperform the ‘inertia index’, never mind the market The wealthy individuals who had been investment managers’ core clientele generally insisted that their portfolios increased in value by a fixed percentage each year. But for reasons best known to themselves, pension funds and other institutional investors focused on relative, rather… Continue reading Active Management vs. “Inertia”
The Wall Street Journal – Boaz Weinstein’s Hedge Fund Accused of Cheating Investor Canadian pension fund says Saba Capital cut value of portfolio before paying redemption request, then marked it back up Boaz Weinstein, the onetime Deutsche Bank AG trading star who now runs his own hedge-fund firm, was accused in a lawsuit Friday of… Continue reading Hedge Fund Problems
MoneyBeat (WSJ Blog) – Can You See the Future? Probably Better Than Professional Forecasters Three-quarters of all U.S. stock mutual funds have failed to beat the market over the past decade. Last year, 98% of economists expected interest rates to rise; they fell instead. Most energy analysts didn’t foresee oil’s collapse from $145 a barrel… Continue reading Forecasting The Future
<Click on graphic for larger image> Bloomberg.com – Glencore in Freefall as Analysts See Tougher Restructuring Glencore Plc plunged as much as 31 percent, extending a rout that’s wiped more than $14 billion off its value this month and highlighting investor concerns that it’s not cutting its debt load quick enough. Chief Executive Officer Ivan… Continue reading Is Glencore The Next LTCM?