18 min readDOWNLOAD FULL REPORT Abstract We set out to answer 10 of the most common questions that arise when writing investment policy statements (“IPS”) for cash portfolios. In doing so, we will provide a number of peer group data comparisons to add insight and context to the process. The 10 questions focus on the following subjects…
2 min readFinal FOMC Meeting of 2019 The Federal Reserve met on December 11th and, as expected, left rates unchanged at the 1.50% to 1.75% target range. The FOMC signaled that it has little appetite for adjustments to monetary policy in the near term, saying “the current stance … is appropriate to support sustained expansion of economic…
2 min readAfter three interest rate cuts since July, the Fed signaled last month that it finally expects to take a breather, with no more moves for a while. But that only means we have to start wondering what may come next. Will the recent spate of positive economic news prompt the Fed to reverse course and…
2 min readIn a move that was widely expected, the Federal Reserve cut rates last Wednesday by 25 basis points to the 1.50% to 1.75% range. Seven officials voted for the cut, and two (Esther George and Eric Rosengren) dissented again in favor of no change in monetary policy. Because the rate reduction had been anticipated, the…
4 min readIn a move that surprised no one, the Federal Open Market Committee (FOMC) cut rates by 25 basis points at its October meeting, the third cut in as many months. The current Federal Funds rate range now lies at 1.50%-1.75%, still relatively high compared to short-term rates in other G8 economies and still well off…
2 min readEverchanging speculation on tariff war developments continues to drive bond market volatility as well as projections on potential interest rate cuts. Earlier this month, a mini-deal between the Trump administration and Chinese officials buoyed market sentiment when additional tariffs slated for implementation in December were delayed and China agreed to buy additional US agricultural products….
5 min readThe interest rate blues are well in effect. For those with enough foresight to see this coming (and thus to load up on long-duration Treasury bonds) it has been an absolute riot. For the rest of the fixed income investment community, it’s been a bit of a bloodbath. Figure 1: Yield Curve Source: Bloomberg Over…
2 min readAre you feeling as uneasy as I am? China’s growth is slowing, Brexit is looming, and winds of war in the Middle East have sent oil prices on a roller coaster. Closer to home, the yield curve is inverting, corporate debt is mushrooming, and just last week Wall Street and the Fed were caught napping…
10 min readCo-authored by: Spyros Qendro, CFA®, and Carter Bourassa DOWNLOAD FULL REPORT Abstract In an environment characterized by limited forward visibility, it’s more crucial than ever for cash investors to understand the landscape and the risks and opportunities it creates. In this paper, we will evaluate what makes a successful cash management strategy while underscoring the…
3 min readToday, the Federal Open Market Committee announced a 25 basis point cut in the overnight fed funds rate to a range from 1.75% to 2.00%, the second such action this year. In a normal week, building anticipation for the Fed’s policy decision and press conference would typically dominate the markets, but turmoil in the repo…