Media – Blog
May 17, 2024
Moderating Economic Data - Rate Cut Timing Pushed Up Key economic data released in the beginning of this May have come in below expectations, including a downward surprise on the employment report for the first time since October 2023. Although these data points only cover one month, they reveal an
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May 6, 2024
For the quarter ending March 30th 2024, Apple reported net income of $23.6B, down 2.2% year-over-year, on revenues of $90.8B which were 4.3% lower over the same period. The change in revenues reflected a 14.2% increase in services revenue and a 9.5% decrease in product revenues. Of particular note, iPhone
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May 2, 2024
Powell At May FOMC Meeting: Not As Hawkish As Expected The FOMC met yesterday and kept the overnight lending rate unchanged for the 6th consecutive meeting at the 5.25%-to-5.50% range. Their statement acknowledged the recent increase in inflation data by adding “In recent months, there has been a lack of
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April 10, 2024
Hotter than expected inflation readings continued in March as headline CPI increased 3.5% year-over-year, 0.3% higher than the yearly increase seen in February, and 0.1% above expectations. Core inflation increased 3.8% year-over-year, in-line with last month's reading, but also 0.1% above expectations. Energy and shelter prices contributed over 60% of
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April 2, 2024
Q1 2024 Performance: Risk Assets Outperform The first quarter of 2024 saw everything from stocks, gold and even Bitcoin rise to record highs as it becomes increasingly likely that the Fed will be able to achieve a soft landing for the U.S. economy. Treasury yields were mixed during the first
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April 2, 2024
Abstract In a falling interest rate environment, sensitivity related to uninsured deposits and income preservation argues for consideration of cash management vehicles outside of bank deposits and money market funds. While ultra short bond funds (USBFs) hold promise as potential yield enhancing tools, they may exhibit many of the same
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March 27, 2024
During the weekend following Silicon Valley Bank’s collapse, it became apparent that the bank run which drove SVB to insolvency was spreading, placing extreme liquidity pressures on a few regional lenders. Bank balance sheets remained fundamentally stable, although, the volume and speed of deposit outflows at some banks was overwhelming
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March 22, 2024
Stable Guidance Amid Inflation’s Bumpy Road Yesterday, the Federal Reserve left the Fed Funds Target Range unchanged at 5.25% – 5.50%. The Committee’s statement was largely unchanged from January, noting solid economic expansion, strong job gains, and low unemployment. The Fed published their updated Summary of Economic (SEP), which did
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March 19, 2024
Powell: "Not Far" From Rate Cuts In Fed Chair Powell’s semiannual testimony before Congress, he suggested the FOMC is getting closer to cutting rates by saying “We’re waiting to become more confident that inflation is moving sustainably at 2%,”…..“When we do get that confidence — and we’re not far from
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March 1, 2024
Another Record Month for the Corporate Bond Market The investment-grade corporate bond market hit a record for new issuance for a second straight month in February. Blue-chip companies sold a February record of $195+ billion of bonds last month, topping the previous February 2023 record of $150.9 billion. Approximately $50
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