FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES

Size: px
Start display at page:

Download "FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES"

Transcription

1 FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report October 3 rd Risk neutral expectations for inflation continue to fall. Bank and Insurance company share prices also fell accompanied by increased tail risks. Tail risks for commodities also rose while prices fell as the dollar continued to strengthen. Inflation Inflation expectations for the next 1, 2 and 5 year periods continue to decline. MPDs derived from caps and floors on the CPI now show a 34% chance of inflation falling below 1% over the next twelve months and expectations of high inflation have declined below 5%. Expectations for inflation over the next 5 years have also declined. The median of the MPD is currently 2% and risk neutral probabilities of large changes are at five year lows. Page 1 of 4

2 Interest rates Trading in options on the ten year Treasury futures expiring in three months was strong which is common at the start of quarters. The MPD skew is now positive for the first time in twelve months indicating a slight bias in market expectations toward lower rates in the near term. Market Probability Density Skew Ten Year Treasuries Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Banks and Insurance Companies Options on share prices of financial institutions generally traded at low volumes both relative to history and relative to two weeks ago. Share prices were uniformly lower for both banks and insurance companies. The average bank fell about -3.3% over the past two weeks while the average insurance company fell -3.6%. Tail risks, as measured by MPD standard deviations, moved higher as did MPD skews. This is the standard MPD behavior we witness when prices decline axp Changes in Market Probability Density Standard Deviation and Skew (CCAR Banks) bac bbt bk Change in Skew citi cof fitb gs jpm key ms pnc rf sti Percentage point change in Standard Deviation stt usb wfc Average Page 2 of 4

3 Additional Details: Trading in options on Deutsche Bank shares increased relative to our last report. We noted trading activity at strike prices well above and below the current spot prices (see graph below). At a smaller magnitude, we measured similar activity in options on Bank of New York Mellon shares (see report details). This trading behavior is consistent with higher tail risks and increased uncertainty about future price moves. Figure 1: Deutsche Bank Volumes Other commodity markets As the dollar continues to strengthen, commodity and currency futures spot prices continue to fall. The decline in grain prices has been dramatic. Year to date wheat has decline -16%, corn has declined -2% and soybeans have declined -25%. 4.% 2.%.% -2.% -4.% -6.% -8.% -1.% Two week Spot Price Changes on Select Commodities corn soybeans wheat cattle gold silver oil brent euro pound yen Additional Details: Page 3 of 4

4 In addition to the -8% spot price decline, tail risk in the Silver market increased substantially. The standard deviation of the MPD derived from options on futures prices increased by six percentage points to almost 2%. The MPD standard deviation derived from options on West Texas Intermediate Crude contracts with 6 months to expiry has increased notably since late July. This indicates an increase in tail risks in this market. Uncertainty of future Corn, Soybeans and Wheat prices increased. Standard deviations of the market probability densities increased by 1.9, 1.4 and.9 percentage points. However, the standard deviations of the MPDs remain well below typical levels. The skew of the market probability density of Soybeans is negative and has decreased to a long run low in the last two weeks despite the large price decrease. The impact of the Scottish referendum on the MPD derived from options on Dollar-Pound Futures has waned. The changes we reported two weeks ago have largely disappeared. The standard deviation of the MDP decreased and the skew of the distribution is much less negative. The market probability of a large decline in the Pound has dropped from 2.5% to.4%. Page 4 of 4

5 Inflation MPD Statistics as of October 1, 214 Median 1.37%.1% MPD Std Dev.84%.49% MPD Skew.3.86 Market Prob of Less Than 1% Inflation Market Prob of More Than 3% Inflation Inflation (1 Year Expiry) % 3.2% %.62% Oct24 Oct1 Jun213 Apr17 Apr17 Inflation (2 Year Expiry) Oct1 Last time higher Aug Oct Median 1.69%.41% MPD Std Dev.9%.62%.89 MPD Skew Market Prob of Less Than 1% Inflation Market Prob of More Than 3% Inflation 24.27% 1.4% 7.3%.48% Nov Oct Dec26 Nov7 Inflation (5 Year Expiry) Aug21 47 month low Oct Median 1.98%.61% MPD Std Dev.95%.15%.91 MPD Skew.9.7 Market Prob of Less Than 1% Inflation Market Prob of More Than 3% Inflation 14.62% 2% 13.83% 1.5% Oct1 Dec5 Dec5 Jul1 Oct1 Jun212 Oct month low Source: Bloomberg Page 1 of 13

6 Equity, Bond, and Index MPD Statistics as of October 1, 214 Spot % MPD Std Dev 11.76% 1.9% MPD Skew Market Prob of 2% 6.8% 2.1% Volume % Spot % S&P 5 (6 Month Expiry) Oct3 Nov27 Sep month high Oct1 Last time higher Sep Jul3 May29 S&P 5 (12 Month Expiry) MPD Std Dev 17.87% 2.8% 15.2 MPD Skew Market Prob of 2% % 3.4% 1.2 Volume % Spot % MPD Std Dev 2.5%.77% MPD Skew.4.21 Market Prob of 5% 2.58%.12% Volume % Oct3 Oct3 Oct3 Jul Oct1 Last time higher 6.8 Sep Sep month high Oct1 Last time higher Jun Jul3 May29 1 Year Treasury (3 Month Expiry) Oct31.75 Nov Apr3 Sep17 Mar213 Jul3 Oct1 Jun19 ishares US Real Estate Index (3 Month Expiry) last 12 months last 12 months.4 12 month high.75.4 last 12 months last 12 months last 12 months Spot % MPD Std Dev 7.63%.48% MPD Skew Market Prob of 1% 1.2%.81% Volume % Dec12 Oct3 Oct3 Dec26 Aug21 Jul17 Jun5 Jul Source: Bloomberg, FactSet Page 2 of 13

7 Exchange Rate MPD Statistics as of October 1, 214 Spot % MPD Std Dev 3.85%.34% MPD Skew.4.13 Market Prob of 1%.72%.2% Volume % Spot % MPD Std Dev 3.32%.81% MPD Skew Market Prob of 1%.42% 2.1% Volume % Dollar Euro Futures (3 Month Expiry) Nov27 Nov27 May1 Jul3 Aug21 May22 Jul3 Dollar Pound Futures (3 Month Expiry) Oct31 Jul3 Oct1 Aug212 Sep17 Sep Sep1 Last time higher 3.32 Jul Aug month low.92.1 Last time higher.42 Jul Aug14 Dollar Yen Futures (3 Month Expiry) Spot % MPD Std Dev 4.45%.42% MPD Skew Market Prob of 1% 1.26%.43% Volume % Oct3 Oct3 Nov14 Oct3 Feb6 Jul month low Oct Source: Bloomberg Page 3 of 13

8 Metal and Energy Commodity MPD Statistics as of October 1, 214 Spot % MPD Std Dev 11.44% 1% MPD Skew Market Prob of 2% 5.38% 1.4% Volume % Gold (6 Month Expiry) Dec26.53 Oct Oct Mar6 Silver (6 Month Expiry) Jul1 Sep Spot % MPD Std Dev 19.69% 6.1% MPD Skew Market Prob of 2% 14.25% 6.6% Volume % Oct3 Oct Oct1 Sep1 Jul1 Oct1 Jun213 West Texas Intermediate Crude (6 Month Expiry) Spot % MPD Std Dev 13.52% 1.6% MPD Skew Market Prob of 2% 8.3% 2.1% Volume % Nov27 Nov14 Oct3 Jun19 Oct1 Apr213 Jun Source: Bloomberg Page 4 of 13

9 Agricultural Commodity MPD Statistics as of October 1, 214 Spot % MPD Std Dev 16.36% 1.9% MPD Skew.21.2 Market Prob of 2% 1.46% 1.5% Volume % Corn (6 Month Expiry) May8 Apr3 Apr3 Soybeans (6 Month Expiry) Oct1 Sep Spot % MPD Std Dev 13.9% 1.4% MPD Skew Market Prob of 2% 8.27% 1.6% Volume % Feb2 Apr17 Apr3 Apr17 Wheat (6 Month Expiry) Oct1 Sep Spot % MPD Std Dev 15.47%.91% MPD Skew Market Prob of 2% 1.43% 1.4% Volume % Dec12.4 Oct Dec12 May8 Mar2 Jun12 Mar2 Cattle (3 Month Expiry) Sep Spot % MPD Std Dev 8.29% 2.1% MPD Skew.53.1 Market Prob of 5% 24.4% 5.4% Volume % Dec12 Jan9 Jan9 Jan9 May8 Oct month high Oct1 15 month high Oct1 15 month high last 15 months last 15 months last 15 months last 15 months last 15 months Source: Bloomberg Page 5 of 13

10 Bank MPD Statistics as of October 1, 214 MPD Standard Deviation (3 Month Expiry) American Express 1.21% 1.1% Bank of America 11.95% 1.2% BB&T 8.65%.55% Barclays 13.7%.17% Bank of NY Mellon 1.27%.88% Citigroup 11.12% 1.4% Capital One 9.22%.6% Credit Suisse 1.78% 2.9% Deutsche Bank 12.78%.35% Fifth Third 11.74% 2.4% Goldman Sachs 1.21%.87% JP Morgan 9.61%.86% Keycorp 12.44% 1.4% Morgan Stanley 12.43% 1.2% PNC Financial 9.13% 1.3% Regions Financial 12.3%.76% SunTrust 11.24%.93% State Street 1.54% 1.4% UBS 1.4%.46% US Bancorp 8.98% 1.6% Wells Fargo 9.17% 1.4% Oct3 Oct3 Oct3 Oct3 Oct3 Nov27 Oct3 Oct31 Oct3 Oct3 Oct3 Oct3 Oct3 Oct3 Feb6 Feb6 Aug21 Jul3 May1 May22 May1 Apr17 Mar Sep24 Jun19 Jul3 Jul3 Sep1 Sep1 Aug Sep4 Sep24 Aug7 Jun Source: FactSet Page 6 of 13

11 Bank MPD Statistics as of October 1, 214 MPD Skew (3 Month Expiry) American Express Bank of America BB&T Barclays Bank of NY Mellon Citigroup.4.87 Capital One Credit Suisse Deutsche Bank.58.3 Fifth Third Goldman Sachs JP Morgan Keycorp.55.8 Morgan Stanley PNC Financial Regions Financial SunTrust State Street UBS US Bancorp Wells Fargo Oct3 Nov14 Dec26 Jul1 Oct Last time higher.25 Oct Sep24 Sep213 Aug7 Jul1 Aug7 Apr24 May1 May1 Sep1 Jun12 Jun5 Sep24 Aug212 Jul17 Sep24 Jun213 May15 Sep1 Aug212 Aug7 Jun19 Oct1 Sep1 Aug14 May month high Last time higher.37 Apr May8 Aug14 Sep24 Mar213 Aug7 May15 Sep24 Jun Source: FactSet Page 7 of 13

12 Bank MPD Statistics as of October 1, 214 Market Probability of 2% (3 Month Expiry) American Express 4.18% 1.2% Bank of America 5.48% 1.4% BB&T 1.84%.45% Barclays 6.45%.49% Bank of NY Mellon 4.17%.61% Citigroup 4.87% 1.6% Capital One 2.73%.11% Credit Suisse 4.98%.84% Deutsche Bank 7.17%.41% Fifth Third 5.74% 2.5% Goldman Sachs 4.32%.87% JP Morgan 3.71%.91% Keycorp 5.73% 1.4% Morgan Stanley 6.51%.99% PNC Financial 2.67%.71% Regions Financial 5.9%.11% SunTrust 5.68% 1.3% State Street 3.35%.66% UBS 3.58%.49% US Bancorp 2.75% 1.2% Wells Fargo 3.35% 1.3% Oct3 Oct3 Oct3 Nov27 Oct3 Oct31 Oct3 Oct3 Oct3 Feb6 Feb6 Feb6 Feb6 Feb6 Jul3 Aug21 Sep24 May15 May1 Aug7 Jun19 Jun5 May8 Apr17 Mar6 Feb6 Jul3 Aug21 Sep4 Sep1 Jan213 Sep4 Jun5 Sep Source: FactSet Page 8 of 13

13 Bank MPD Statistics as of October 1, 214 Volume (3 Month Expiry) American Express % Bank of America % BB&T 3 96% Barclays 75 14% Bank of NY Mellon % Citigroup % Capital One 53 9% Credit Suisse 19 24% Deutsche Bank % Fifth Third 142 2% Goldman Sachs 22 82% JP Morgan % Keycorp 1 83% Morgan Stanley % PNC Financial 27 79% Regions Financial % SunTrust % State Street 79 92% UBS 1% US Bancorp % Wells Fargo % Source: FactSet Page 9 of 13

14 Insurance Company MPD Statistics as of October 1, 214 MPD Standard Deviation (3 Month Expiry) Aflac 9.98%.49% AIG 1.62% 1.1% Allstate 8.24%.55% Ameriprise 11.4% 1.5% Chubb 7.2%.43% Hartford Financial 1.8%.76% Lincoln National 13.32%.25% Met Life 12.12% 1.6% Principal Financial 14.77% 3.3% Progressive 1.65%.2% Prudential 11.97% 1.5% Oct3 Oct3 Oct3 Oct3 Oct3 Oct3 Nov14 Jan9 Oct3 May8 Mar2 Aug21 May29 Sep4 Jul Source: FactSet Page 1 of 13

15 Insurance Company MPD Statistics as of October 1, 214 MPD Skew (3 Month Expiry) Aflac AIG Allstate Ameriprise Chubb Hartford Financial Lincoln National Met Life Principal Financial Progressive Prudential Jan9 Nov27 Feb6 Jun19 Aug14 May15 Aug14 Jul17 Sep17 Nov211 May1 Sep17 Aug211 Aug7 May15 May1 Jul Source: FactSet Page 11 of 13

16 Insurance Company MPD Statistics as of October 1, 214 Market Probability of 2% (3 Month Expiry) Aflac 3.55%.46% AIG 4.7% 1% Allstate 2.48%.25% Ameriprise 5.63% 1.8% Chubb 1.47%.47% Hartford Financial 3.48%.52% Lincoln National 7.53%.11% Met Life 6.27% 1.9% Principal Financial 11.25% 4.9% Progressive 8.74% 1.3% Prudential 6.1% 1.6% Oct3 Oct3 Oct3 Oct3 Oct3 Feb6 Jul3 May22 Feb6 Feb6 Dec26 Oct3 Sep1 Aug14 Jul17 Jul1 Oct Last time higher 8.74 Jan Source: FactSet Page 12 of 13

17 Insurance Company MPD Statistics as of October 1, 214 Volume (3 Month Expiry) Aflac 73 94% AIG 331 5% Allstate % Ameriprise 66 51% Chubb 47 88% Hartford Financial % Lincoln National % Met Life % Principal Financial 14 6% Progressive 4 Prudential % Source: FactSet Page 13 of 13

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report Feb 1 th Median inflation expectations decreased over the two week period for both inflation tenors. The probability

More information

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report July 25 th Banks Trading volumes were higher relative to two weeks ago but remained light. Stocks with above average

More information

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report December 13 th Commodity Markets Option trading rose relative to two weeks ago to a more average level last week

More information

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES

FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report February 22 nd We apologize for missing the February 8 th report. ue to the timing of stress testing work, we were

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team 1 December 17, 20 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team 1 September 18, 20 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JULY 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JULY 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.69-0.20-0.11

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team 1 December 22, 20 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected

More information

Goldman Sachs U.S. Financial Services Conference 2017

Goldman Sachs U.S. Financial Services Conference 2017 Goldman Sachs U.S. Financial Services Conference 2017 Andy Cecere President, CEO Terry Dolan Vice Chairman, CFO December 5, 2017 U.S. BANCORP Forward-looking Statements and Additional Information The following

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JUNE 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JULY 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS SEPTEMBER 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JANUARY 2019 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P

More information

Nasdaq US Large Cap Equities for Rising Rates Index

Nasdaq US Large Cap Equities for Rising Rates Index Nasdaq US Large Cap Equities for Rising Rates Index The Nasdaq US Large Cap Equities for Rising Rates Index (NQERR) consists of 5 U.S. securities whose stock prices have historically exhibited relatively

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JANUARY 2019 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JANUARY 2019 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.69-0.18-0.11

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JULY 2017 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS APRIL 2017 80.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% -80.00% ABCERI S&P GSCI ER BCOMM ER

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team March, 2 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected commodities

More information

Hedging Potential for MGEX Soft Red Winter Wheat Index (SRWI) Futures

Hedging Potential for MGEX Soft Red Winter Wheat Index (SRWI) Futures Hedging Potential for MGEX Soft Red Winter Wheat Index (SRWI) Futures Introduction In December 2003, MGEX launched futures and options that will settle financially to the Soft Red Winter Wheat Index (SRWI),

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS FEBRUARY 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS FEBRUARY 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.70-0.21-0.12

More information

Commodity Price Outlook & Risks

Commodity Price Outlook & Risks Commodity Outlook & Risks Research Department, Commodities Team 1 November 20 www.imf.org/commodities sbeidasstrom@imf.org Today we are launching the Commodity Outlook and Risks. This new monthly publication

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS OCTOBER 2017 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS OCTOBER 2017 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.69-0.24-0.13

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JANUARY 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P

More information

Market and Economic Charts. Retail Fund Management Team Investec Asset Management

Market and Economic Charts. Retail Fund Management Team Investec Asset Management Market and Economic Charts Retail Fund Management Team Investec Asset Management 30 April 2010 Looking at Markets Global SA Economics Major Index Performance Major Index Performance Market Drivers Inflation

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS APRIL 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS APRIL 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.70-0.20-0.12

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS MARCH 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS MARCH 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.70-0.20-0.12

More information

MREL & TLAC A Market Perspective WORLD BANK CONFERENCE, VIENNA 12/13 DECEMBER 2016 FINSAC WORKSHOP ON BAIL-IN AND MREL

MREL & TLAC A Market Perspective WORLD BANK CONFERENCE, VIENNA 12/13 DECEMBER 2016 FINSAC WORKSHOP ON BAIL-IN AND MREL MREL & TLAC A Market Perspective WORLD BANK CONFERENCE, VIENNA 1/1 DECEMBER 16 FINSAC WORKSHOP ON BAIL-IN AND MREL Resolution Framework Key Success Factors from a Market Perspective A successful resolution

More information

Goldman Sachs U.S. Financial Services Conference 2018

Goldman Sachs U.S. Financial Services Conference 2018 Goldman Sachs U.S. Financial Services Conference 2018 Andy Cecere Chairman, President and Chief Executive Officer Terry Dolan Vice Chairman and Chief Financial Officer December 4, 2018 U.S. BANCORP Forward-looking

More information

Fourth Quarter 2015 Market Review. March 2016

Fourth Quarter 2015 Market Review. March 2016 Fourth Quarter 2015 Market Review March 2016 Agenda Market Review Investment Outlook and Portfolio Positioning 2 2015 was a Challenging Year for Investment Returns Last year was the first time since 2001

More information

ANNUAL MEETING OF STOCKHOLDERS. April 8, 2014

ANNUAL MEETING OF STOCKHOLDERS. April 8, 2014 ANNUAL MEETING OF STOCKHOLDERS April 8, 2014 Cautionary Statement A number of statements in our presentations, the accompanying slides and the responses to your questions are forward-looking statements.

More information

MANAGED FUTURES INDEX

MANAGED FUTURES INDEX MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS NOVEMBER 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX

More information

Goldman Sachs Commodity Index

Goldman Sachs Commodity Index 600 450 300 29 Jul 1992 188.3 150 0 Goldman Sachs Commodity Index 31 Oct 2007 598 06 Feb 2002 170.25 Average yearly return = 23.8% Jul-94 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jul-00 Jul-01 Jul-02 Jul-03

More information

New Risk Management Strategies

New Risk Management Strategies Moderator: Jon Najarian, Co-Founder, optionmonster.com New Risk Management Strategies Wednesday, May 4, 2011; 2:30 PM - 3:45 PM Speakers: Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors John

More information

Market Impact of TLAC Requirements. FIG DCM Bank Capital Solutions

Market Impact of TLAC Requirements. FIG DCM Bank Capital Solutions Market Impact of TLAC Requirements FIG DCM Bank Capital Solutions December 1, 15 RWA vs. SLR Driven TLAC Requirements Fed's SLR driven TLAC requirement is more stringent than FSB TLAC framework 5%.5% The

More information

Report to the Finance Committee Review of Variable Rate Debt. MTA Finance Department Patrick J. McCoy, Director April 24, 2017

Report to the Finance Committee Review of Variable Rate Debt. MTA Finance Department Patrick J. McCoy, Director April 24, 2017 Report to the Finance Committee Review of Variable Rate Debt MTA Finance Department Patrick J. McCoy, Director April 24, 2017 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest

More information

Executive Summary. July 17, 2015

Executive Summary. July 17, 2015 Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: October 24, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic

More information

Nasdaq US Large Cap Equities for Rising Rates Index

Nasdaq US Large Cap Equities for Rising Rates Index Nasdaq US Large Cap Equities for Rising Rates Index The Nasdaq US Large Cap Equities for Rising Rates Index (NQERR) consists of 5 U.S. securities whose stock prices have historically exhibited relatively

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: August 19, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: December 20, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS NOVEMBER 2017 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS NOVEMBER 2017 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.69-0.24-0.13

More information

Figure 1: Change in LEI-N August 2018

Figure 1: Change in LEI-N August 2018 Nebraska Monthly Economic Indicators: September 26, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic

More information

SYSTEMATIC GLOBAL MACRO ( CTAs ):

SYSTEMATIC GLOBAL MACRO ( CTAs ): G R A H M C A P I T A L M A N G E M N T G R A H A M C A P I T A L M A N A G E M E N T GC SYSTEMATIC GLOBAL MACRO ( CTAs ): PERFORMANCE, RISK, AND CORRELATION CHARACTERISTICS ROBERT E. MURRAY, CHIEF OPERATING

More information

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JANUARY 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors

DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS JANUARY 2018 INVEST WITH AUSPICE. AUSPICE Capital Advisors DIVERSIFIED PROGRAM COMMENTARY + PORTFOLIO FACTS 100% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 80% 60% 40% 20% 0% AUSPICE DIVERSIFIED BARCLAY BTOP50 CTA INDEX S&P 500 S&P / TSX 60 Correlation 0.69-0.24-0.13

More information

Draft Technical Note Using the CCA Framework to Estimate Potential Losses and Implicit Government Guarantees to U.S. Banks

Draft Technical Note Using the CCA Framework to Estimate Potential Losses and Implicit Government Guarantees to U.S. Banks Draft Technical Note Using the CCA Framework to Estimate Potential Losses and Implicit Government Guarantees to U.S. Banks By Dale Gray and Andy Jobst (MCM, IMF) October 25, 2 This note uses the contingent

More information

CME Group 3Q 2015 Earnings Conference Call

CME Group 3Q 2015 Earnings Conference Call CME Group 3Q 2015 Earnings Conference Call October 29, 2015 Forward Looking Statements Statements in this presentation that are not historical facts are forward-looking statements. These statements are

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS JULY 2018 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) -80.00% ABCERI S&P GSCI ER BCOMM

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: June 21, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident

More information

Credit Suisse 2016 Financial Services Forum

Credit Suisse 2016 Financial Services Forum Credit Suisse 2016 Financial Services Forum Kathy Rogers Vice Chairman and Chief Financial Officer P.W. (Bill) Parker Vice Chairman, Chief Risk Officer February 9, 2016 Forward-looking Statements and Additional

More information

Key Commodity Themes. Maxwell Gold Director of Investment Strategy. Gradient Investments Elite Advisor Forum October 5 th, 2017

Key Commodity Themes. Maxwell Gold Director of Investment Strategy. Gradient Investments Elite Advisor Forum October 5 th, 2017 Key Commodity Themes Maxwell Gold Director of Investment Strategy Gradient Investments Elite Advisor Forum October 5 th, 2017 2001 2002 2002 2003 2004 2005 2006 2007 2007 2008 2009 2010 2011 2012 2012

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: August 15, 2014 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Graduate Research Assistants:

More information

XML Publisher Balance Sheet Vision Operations (USA) Feb-02

XML Publisher Balance Sheet Vision Operations (USA) Feb-02 Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786

More information

ETFs listed on TSE. TOPIX Daiwa ETF-TOPIX JP 0.11 Daiwa AM Jul. 13, 2001

ETFs listed on TSE. TOPIX Daiwa ETF-TOPIX JP 0.11 Daiwa AM Jul. 13, 2001 Indicator Name Code Trading Bloomberg Japanese Equitiy Index (market) TOPIX Daiwa ETF-TOPIX 1305 10 1305 JP 0.11 Daiwa Jul. 13, 2001 TOPIX TOPIX Exchange 1306 10 1306 JP 0.11 Nomura Jul. 13, 2001 TOPIX

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: July 24, 2015 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1

More information

VIX ETPs, Inter-Relationships between Volatility Markets and Implications for Investors and Traders

VIX ETPs, Inter-Relationships between Volatility Markets and Implications for Investors and Traders Not a Product of Research / Not for Retail Distribution Citi Equities I U.S. Equity Trading Strategy VIX ETPs, Inter-Relationships between Volatility Markets and Implications for Investors and Traders

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: July 29, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1

More information

Liquidity Monitor. 1 August Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research

Liquidity Monitor. 1 August Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research Liquidity Monitor 1 August 20 Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research 60 50 40 30 20 10 0 The Fed remains committed to shoring up liquidity in the market Daily

More information

Risk Factor Indices Selection and Rebalance Dates

Risk Factor Indices Selection and Rebalance Dates db Index Quant 5 February 2018 dbiq Index Guide Risk Factor Indices Selection and s The report is designed to provide the details of future selection and rebalance dates of various risk factor Indices

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: June 17, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1

More information

TITLE: EVALUATION OF OPTIMUM REGRET DECISIONS IN CROP SELLING 1

TITLE: EVALUATION OF OPTIMUM REGRET DECISIONS IN CROP SELLING 1 TITLE: EVALUATION OF OPTIMUM REGRET DECISIONS IN CROP SELLING 1 AUTHORS: Lynn Lutgen 2, Univ. of Nebraska, 217 Filley Hall, Lincoln, NE 68583-0922 Glenn A. Helmers 2, Univ. of Nebraska, 205B Filley Hall,

More information

Goldman Sachs U.S. Financial Services Conference

Goldman Sachs U.S. Financial Services Conference Goldman Sachs U.S. Financial Services Conference Tayfun Tuzun Executive Vice President & Chief Financial Officer December 11, 2013 Please refer to earnings release dated October 17, 2013 and 10-Q dated

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS JUNE 2017 80.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% -80.00% ABCERI S&P GSCI ER BCOMM ER

More information

April 24, Annual Stockholder Meeting

April 24, Annual Stockholder Meeting April 24, 2008 Annual Stockholder Meeting Forward looking statements Forward-Looking Information Please note that the following materials containing information regarding Capital One s financial performance

More information

PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018

PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018 Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714

More information

Transparency in the U.S. Repo Market

Transparency in the U.S. Repo Market Transparency in the U.S. Repo Market Antoine Martin Federal Reserve Bank of New York October 11, 2013 The views expressed in this presentation are my own and may not represent the views of the Federal

More information

COMMODITY INVESTMENTS

COMMODITY INVESTMENTS COMMODITY INVESTMENTS JPMorgan Structured Products Optimax Market-Neutral Strategy Guide IMPORTANT INFORMATION The information contained in this document is for discussion purposes only. Any information

More information

Nonfarm Payroll Employment

Nonfarm Payroll Employment PRESIDENT'S REPORT TO THE BOARD OF DIRECTORS, FEDERAL RESERVE BANK OF BOSTON Current Economic Developments - June 10, 2004 Data released since your last Directors' meeting show the economy continues to

More information

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019 7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt

More information

ETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018

ETFs: Regulatory (High) Impact. Commerzbank, leaders in ETF February 2018 ETFs: Regulatory (High) Impact Commerzbank, leaders in ETF February 2018 What are ETFs? Securities that track the value of an index, commodities or a basket of assets and trade like a stock on the exchange

More information

APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES

APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES 16 QUARTERLY INVESTMENT STRATEGY APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers Index EMERGING ECONOMIES Purchasing Managers Index US Eurozone Japan Brazil Russia India China Industrial

More information

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014 Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections

More information

CS/Tremont Hedge Fund Index Performance Review

CS/Tremont Hedge Fund Index Performance Review In fact, the S&P500 volatility 1 on average was 2.58x that of the HFI s. Using over fifteen years of data, we found that S&P500 s volatility to be on average 2.5x that of the HFI s. II. ANALYSIS The Beryl

More information

Introduction to Futures & Options Markets for Livestock

Introduction to Futures & Options Markets for Livestock Introduction to Futures & Options Markets for Livestock Kevin McNew Montana State University Marketing Your Cattle Marketing: knowing when and how to price your cattle. When Prior to sale At time of sale

More information

Protecting Your Portfolio From Inflation Keith Black, PhD, CFA, CAIA

Protecting Your Portfolio From Inflation Keith Black, PhD, CFA, CAIA Protecting Your Portfolio From Inflation Keith Black, PhD, CFA, CAIA Showcase your Knowledge @CAIA_Keith Black @CAIAAssociation About CAIA Association The Global Leader in Alternative Investment Education

More information

Spheria Australian Smaller Companies Fund

Spheria Australian Smaller Companies Fund 29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771

More information

2018 Investment and Economic Outlook

2018 Investment and Economic Outlook 2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: September 20, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident

More information

Stress Testing U.S. Bank Holding Companies

Stress Testing U.S. Bank Holding Companies Stress Testing U.S. Bank Holding Companies A Dynamic Panel Quantile Regression Approach Francisco Covas Ben Rump Egon Zakrajšek Division of Monetary Affairs Federal Reserve Board October 30, 2012 2 nd

More information

Quarterly Investment Management Conference Call July 15, 2009

Quarterly Investment Management Conference Call July 15, 2009 Quarterly Investment Management Conference Call July 15, 2009 Peter J. Langas Director of Investment Strategies Marc D. Stern Chief Investment Officer Past performance is no guarantee of future results.

More information

Market Outlook Considerations Week Beginning May 14, 2018

Market Outlook Considerations Week Beginning May 14, 2018 Market Outlook Considerations Week Beginning May 14, 2018 DISCLAIMER-FOR-EDUCATIONAL-PURPOSES-ONLY Bobby Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness University

More information

U.S. EXCHANGE TRADED FUNDS MONTHLY FLASH APRIL 2017

U.S. EXCHANGE TRADED FUNDS MONTHLY FLASH APRIL 2017 U.S. EXCHANGE TRADED FUNDS MONTHLY FLASH APRIL 2017 NYSE ARCA U.S. EXCHANGE TRADED FUNDS (ETFs) HIGHLIGHTS FROM APRIL 2017 In April, 5 new ETFs 1 listed on NYSE Arca At the end of April, 1,514 ETFs were

More information

Department of Agricultural and Resource Economics

Department of Agricultural and Resource Economics D 34 Department of Agricultural and Resource Economics BASIS ESTIMATES FOR FEEDER CATTLE AND FED CATTLE February 2018 Andrew P. Griffith, Assistant Professor Becky Bowling, UT Extension Specialist Table

More information

April 2018 Data Release

April 2018 Data Release April 2018 Data Release The Home Purchase Sentiment Index (HPSI) is a composite index designed to track consumers housing-related attitudes, intentions, and perceptions, using six questions from the National

More information

Merrill Lynch. Financial Services Conference. Richard K. Davis President and COO

Merrill Lynch. Financial Services Conference. Richard K. Davis President and COO Merrill Lynch Financial Services Conference Richard K. Davis President and COO November 16, 2006 Forward-looking Statements This presentation contains forward-looking statements about U.S. Bancorp. Statements

More information

BROAD COMMODITY INDEX

BROAD COMMODITY INDEX BROAD COMMODITY INDEX COMMENTARY + STRATEGY FACTS AUGUST 2018 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) -80.00% ABCERI S&P

More information

Dairy Outlook. August By Jim Dunn Professor of Agricultural Economics, Penn State University. Market Psychology

Dairy Outlook. August By Jim Dunn Professor of Agricultural Economics, Penn State University. Market Psychology Dairy Outlook August 2014 By Jim Dunn Professor of Agricultural Economics, Penn State University Market Psychology The prices of all dairy products have been mixed since last month. The CME block cheese

More information

Implications of Low Inflation Rates for Monetary Policy

Implications of Low Inflation Rates for Monetary Policy EMBARGOED UNTIL MONDAY, NOVEMBER 10, 2014 AT 5:10 P.M. EASTERN TIME OR UPON DELIVERY Implications of Low Inflation Rates for Monetary Policy Eric S. Rosengren President & CEO Federal Reserve Bank of Boston

More information

Regulating Systemic Risk 1

Regulating Systemic Risk 1 Regulating Systemic Risk 1 By Viral V. Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson NYU Stern School of Business I. Summary II. Measuring Systemic Risk III. Quantifying Systemic Risk

More information

January 2018 Data Release

January 2018 Data Release January 2018 Data Release The Home Purchase Sentiment Index (HPSI) is a composite index designed to track consumers housing-related attitudes, intentions, and perceptions, using six questions from the

More information

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017

PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017 11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and

More information

MTA Educational Web Series

MTA Educational Web Series MTA Educational Web Series One Practitioner s Guide to Combining Macro, Fundamentals and Technical Analysis Presented by: Keith Lerner, CFA, CMT Chief Market Strategist SunTrust Bank July 2014 Outline:

More information

TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE

TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any

More information

Market Outlook Considerations Week Beginning April 2, 2018

Market Outlook Considerations Week Beginning April 2, 2018 Market Outlook Considerations Week Beginning April 2, 2018 DISCLAIMER-FOR-EDUCATIONAL-PURPOSES-ONLY Bobby Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness University

More information

GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from

GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from www.barometeroftrade.com Summary Inflation has slowed after reaching a 5-year-high last month, largely due to the weak performance

More information

Market Outlook Considerations Week Beginning March 26, 2018

Market Outlook Considerations Week Beginning March 26, 2018 Market Outlook Considerations Week Beginning March 26, 2018 DISCLAIMER-FOR-EDUCATIONAL-PURPOSES-ONLY Bobby Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness University

More information

NASDAQ Global Index. More information about the Index can be found at

NASDAQ Global Index. More information about the Index can be found at NASDAQ Global Index The NASDAQ Global Index is a float adjusted market capitalization-weighted index designed to track the performance of global equities covering over 98% of the entire listed market capitalization

More information

January 2019 Data Release

January 2019 Data Release Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

More information

Market Outlook Considerations Week Beginning April 30, 2018

Market Outlook Considerations Week Beginning April 30, 2018 Market Outlook Considerations Week Beginning April 30, 2018 DISCLAIMER-FOR-EDUCATIONAL-PURPOSES-ONLY Bobby Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness University

More information

October 2018 Data Release

October 2018 Data Release Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

More information

Market Outlook Considerations Week Beginning April 23, 2018

Market Outlook Considerations Week Beginning April 23, 2018 Market Outlook Considerations Week Beginning April 23, 2018 DISCLAIMER-FOR-EDUCATIONAL-PURPOSES-ONLY Bobby Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness University

More information