Insights

 

FX Daily
March 19, 2014 Posted by
The USD is slightly stronger today ahead of the FOMC rate announcement and Fed President Yellen’s first official press conference.  The Fed is expected to further reduce its bond-buying stimulus program by $10 billion and link its guidance on when it will begin raising interest rates to a range of economic indicators.  The Fed announcement will be at 2:00pm eastern.
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Accounting, Regulations, & Reporting; Advisories
March 18, 2014 Posted by

Money market funds (MMFs) have grown to an industry with over $2.9 trillion in assets, down from the peak of almost $4 trillion in 2009. Due to their price stability, liquidity, competitive market returns and simple accounting, MMFs are widely used by corporate investors as an interest bearing cash management tool. While this investment vehicle is viewed by many as a low risk, low return option, there has been an increase in regulatory activity. In response to the financial crisis of 2008, the SEC has worked with the MMF industry to introduce a number of new rules to further strengthen MMFs and ensure their resilience in the event of extraordinary market conditions. Read about proposed changes to the industry and how investors could be affected.

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FX Daily
March 18, 2014 Posted by
The FX markets are relatively quiet despite Russian President Putin’s speech focusing on Ukraine and Crimea’s accession. The markets are interpreting Putin’s interest in Crimea won’t extend into other parts of eastern Ukraine, and sanctions by the EU and US will broaden to counter the situation.
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FX Daily
March 17, 2014 Posted by
Global equity markets have rallied today via lowered investor concerns surrounding the Crimea situation as yesterday’s vote to leave Ukraine didn't leade to further turmoil and s/t uncertainty.
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CIO Vantage Point; Economic Outlook
March 14, 2014 Posted by
Crimean secession, European depression, and Puerto Rican accession.
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FX Daily
March 14, 2014 Posted by
The yen has been the big winner today, rising for a fifth day in a row as investors continue to look for safe havens ahead of the referendum that may lead to Crimea’s succession.
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Advisories
March 14, 2014 Posted by

Given the relative newness of these securities, we are not convinced that a real secondary market for the debt exists. A strong supply and demand in the secondary market is necessary to create the kind of liquidity we want to see for investments in our client portfolios. Currently, we don’t see either. If an investor in an extendible security wants immediate liquidity, we see a real potential for principal loss.

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FX Daily
March 13, 2014 Posted by
The dollar is getting crushed against all of its major counterparts this morning on U.S. retail sales. The euro reached the highest level in more than two years as the ECB signaled continued support for the region’s recovery.
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