Chairman Powell and Governor Brainard recently talked about a policy called yield curve control. This has been tried in the past with disappointing results.... Read More
The Fed has ensured a steady supply of repo money will be available to banks until the end of October, which happens to coincide with the next FOMC meeting.... Read More
The 60/40 portfolio returned 1.93% in Q3 after producing stellar returns through the first half of the year.... Read More
In our latest Bloomberg column, we make the case that extremely low yields are the "new normal."... Read More
Credit spreads are creeping higher, but high yield traders are not selling. They are hedging.... Read More
Technology is squashing inflation and a global savings glut is driving yields below these already low inflation rates. So for yields to get back up to 4% or 5%, something has to break. We believe this scenario would be toxic for risk markets like equities.... Read More
Stocks cannot handle high rates, as in a 10-year yield above 3.25%.... Read More
Private pension funds have much smaller funding gaps than their government counterparts.... Read More
Defined benefit plans continue to be replaced by IRAs and defined contribution plans.... Read More
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper.... Read More
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period. Both are now at new highs.... Read More
High U.S. long-term interest rates relative to the developed world put U.S. small capitalization companies at a competitive disadvantage to their large capitalization competitors. This is especially important now that small capitalization companies have record debt-to-equity ratios.... Read More
The U.S. has the highest interest rates in the developed world. We review several metrics we have shown in the past, while adding several more to show how unusual this is.... Read More
Jim Bianco joined Jim Grant last week to talk about the latest in the funding markets.... Read More
Daily repo injections, even on a temporary basis, risk retarding the credit process. Alternatively, the Fed could permanently expand its balance sheet and push for reduced regulations.... Read More
A look at foreign net sales and purchases of U.S. Treasuries, agencies, corporates and equities through July... Read More
When it comes to ultra-long debt securities, the U.S. government should ignore the warnings from Wall Street. ... Read More