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'Pretty incredible' changes in bond market coming
CNBC
Parse Janet Yellen's comments any way you want, but know one thing: This is likely to be an interesting year for bond investors.
Financial markets took a jolt over comments from the Federal Reserve chair that traders immediately interpreted as the precursor for rate hikes that would come sooner than expected.
While there seemed to be just as many experts as not saying that the rate anxiety was justified, behind the scenes fixed income pros prepared for changes ahead.
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Will 2014 emulate 2004 and 1994?
CFA Chicago
Join CFA Chicago on Tuesday, April 29 from 12 - 1 p.m. for the Distinguished Speaker Series featuring David Rosenberg, Chief Economist and Strategist for Gluskin Sheff and Associates. Fees for members are $45 dollars, the student-members fee is $10, and non-members are welcome to join for $55. This series also qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
Merger modeling with Hamilton Lin
CFA Chicago
Join CFA Chicago on Tuesday, April 8 from 9 a.m. to 5 p.m. at The Standard Club to have all of your questions answered about deal structuring and merger modeling. Not only will you learn how mergers and acquisitions are structured, attendees will have the opportunity for hands-on learning and will build dynamic models for different transaction structures. The course will also cover due diligence and legal issues, common structural issues, crucial merger consequence analysis and detailed analysis of transaction case studies.
Diane Swonk — dependable, respected and highly quotable
CFA Chicago
Diane Swonk, Chief Economist at Mesirow Financial, is one of the most respected economists in the world and among the most quoted in the financial press. In addition, as advisor to the Federal Reserve Board and regional Reserve Banks, she is a Fed insider who can offer valuable insights on FOMC decisions, as well as economic trends. Join CFA on March 26 at 12 p.m. at The Chicago Club for the Distinguished Speaker Series featuring Diane Swonk.
Why China will not dominate the 21st century
CFA Institute's Enterprising Investor
China, notes author and historian Jonathan Fenby, “breeds superlatives.” It is the world’s most populous country (a staggering 1.3 billion inhabitants); its Communist Party is the planet’s biggest political movement; it contains half of the world’s pigs; and its citizens smoke 38 percent of the world’s cigarettes. But it is also very easy to be swept away by the apparent inevitability of China’s dominance.
Next generation, new challenges at Fidelity
The Boston Globe
For much of the past quarter-century, tracking the education and progress of Abigail Johnson as she moved through executive posts at Fidelity Investments was a favorite pastime of Fidelity watchers, spiced with questions of whether she would ultimately succeed her father, Edward C. “Ned” Johnson, as the head of the company.
Most of that speculation faded in 2012 when she was named Fidelity president and whatever doubts remained were put to rest this year when Ron O’Hanley, the last top executive to enjoy equal footing with her, left the company. In a memo to employees, he noted, “The leadership transition to Abby as president is complete.”
ContextMedia founders are investing in more startups
Crain's Chicago Business
No one would blame Rishi Shah and Shradha Agarwal for putting their heads down and cranking on ContextMedia Inc.
Their eight-year-old company, which built a video network of doctors' offices and medical facilities to give pharmaceutical and other health care advertisers a way to reach potential patients, is growing fast. Chicago-based ContextMedia will hire its 100th employee sometime this year and is moving into nearly 33,000 square feet in the former IBM Building at 330 N. Wabash Ave. next month.
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CME move to shrink board opposed
Financial Times
CME Group, the world’s largest futures exchange, is facing opposition over its efforts to slim down the size of its board after unveiling plans to reduce the representation of some of its traders and users.
Five former board members are publicly opposing CME’s plans to reduce the board from 24 to 21 members by cutting in half the six seats nominated by class B shareholders, who are members of the exchange.
US stocks are overvalued and set to underperform
Yahoo! Finance
Even if you decide not to invest in the cheapest countries in the world, it is at least worth thinking about your global stock allocation with a value mindset. And why is that? Most investors around the world invest most of their assets in their own stock market. This is called the “home country bias,” and it occurs everywhere. But once you account for the fact that the U.S. is one of the more expensive markets around the globe, it might be a good time to rethink your stock allocation.
2-year note drops as investors bet Fed on track to raise rates
Bloomberg
Treasuries fell, pushing yields on two-year notes to the highest since September, on speculation the Federal Reserve will end stimulus and raise interest rates sooner than investors forecast as the economy strengthens. The difference between the yields on two-year notes and 30-year bonds, the yield curve, narrowed to the least since July 5 as Fed Chair Janet Yellen suggested the Fed funds rate may rise by the middle of next year.
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'Pretty incredible' changes in bond market coming
CNBC
Parse Janet Yellen's comments any way you want, but know one thing: This is likely to be an interesting year for bond investors.
Financial markets took a jolt over comments from the Federal Reserve chair that traders immediately interpreted as the precursor for rate hikes that would come sooner than expected.
|
|
Despite bond rating drop, demand high for Chicago bonds
Chicago Sun-Times
Chicago has tested the bond market for the first time since its bond rating dropped four notches — and passed more easily and at less cost than anticipated.
In fact, the demand for Chicago’s general obligation bonds was so robust and interest rates so unexpectedly favorable, Chief Financial Officer Lois Scott made what she called a "game-time decision."
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US small-cap rally sends valuation 26 percent above 1990s
Blomberg
In one corner of the U.S. equity market, investor enthusiasm is exceeding the frenzy of the Internet bubble.
Small-cap shares tracked by the Russell 2000 Index have rallied for seven straight quarters, the longest stretch ever, sending valuations 26 percent above levels at the height of the 1990s rally. Surging small-caps were cited by Federal Reserve Governor Daniel Tarullo recently as one reason policy makers should ensure they’re not creating systemic risk in financial markets.
Nearly all major US banks pass Fed 'stress tests'
Chicago Sun-Times
More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined.
Results of the Fed’s annual “stress tests” showed that all but one of 30 top banks passed muster with sufficient capital buffers to keep them lending through an economic crisis. Only Zions Bancorp fell short. The results showed continued improvement in banks’ financial positions since the 2008 crisis, the Fed said. That built on positive results from last year’s tests.
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