The Hitchhiker's Guide to Yellen's Speech
We spent all week waiting anxiously to see what Our Glorious Leader would say only to get a confused mash-up of central bank water-cooler conversation.
If you want to know what she really said - and, more importantly, didn't say - you might like to read this translation.
We expect rate volatility to remain high as Fed tapering continues and as the U.S. labor market struggles to normalize. In Europe, the European Central Bank has moved a step closer to easier monetary policy, which may drive further spread compression in peripheral sovereign bonds. Recent stability in emerging-market asset markets suggests better data for developing countries could be on the horizon. Our outlook for credit, prepayment, and liquidity risks remains positive.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
07 August 2013--Understanding the Fed's Latest MovesEconReport
The Federal Reserve Chairman, Ben Bernanke, made some statements on 19 June 2013 that sent shockwaves
throughout the financial markets in the United States and Asia. There is no change in policy. This, Chairman Bernanke,
emphatically stated several times at the 19 June 2013 press conference. So why did the markets react the way they did?
This analysis will assist in understanding why the markets responded in the manner that they did to Chairman Bernanke's
suggestion that the asset-purchasing program will “taper off” in late 2013 or in mid- to late-2014 although this possibility
is clearly stated in the Federal Reserve's Open Market Committee's (FOMC's) 22 May 2013 statement.
The Hitchhiker's Guide to Yellen's Speech
We spent all week waiting anxiously to see what Our Glorious Leader would say only to get a confused mash-up of central bank water-cooler conversation.
If you want to know what she really said - and, more importantly, didn't say - you might like to read this translation.
We expect rate volatility to remain high as Fed tapering continues and as the U.S. labor market struggles to normalize. In Europe, the European Central Bank has moved a step closer to easier monetary policy, which may drive further spread compression in peripheral sovereign bonds. Recent stability in emerging-market asset markets suggests better data for developing countries could be on the horizon. Our outlook for credit, prepayment, and liquidity risks remains positive.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
07 August 2013--Understanding the Fed's Latest MovesEconReport
The Federal Reserve Chairman, Ben Bernanke, made some statements on 19 June 2013 that sent shockwaves
throughout the financial markets in the United States and Asia. There is no change in policy. This, Chairman Bernanke,
emphatically stated several times at the 19 June 2013 press conference. So why did the markets react the way they did?
This analysis will assist in understanding why the markets responded in the manner that they did to Chairman Bernanke's
suggestion that the asset-purchasing program will “taper off” in late 2013 or in mid- to late-2014 although this possibility
is clearly stated in the Federal Reserve's Open Market Committee's (FOMC's) 22 May 2013 statement.
The overriding factor influencing fixed-income performance was the market’s changing expectations as to when the Federal Reserve would begin tapering its quantitative easing program. The fund’s mortgage prepayment strategies, most notably our holdings of collateralized mortgage obligations, detracted from performance before rebounding in June. Our interest-rate and yield-curve positioning aided performance during the quarter. Our near-term outlook calls for continued positive economic growth and a potentially range-bound interest-rate environment.
The fourth quarter of 2012 brought an abundance of angst and speculation surrounding how, and
when, Congress might resolve its ongoing battle over fiscal policy. As investors worried about the
impact of the tax and spending provisions the Budget Control Act of 2011 would have on an already
fragile economy, Congress showed little inclination to reach a bi-partisan compromise. For more info: www.nafcu.org/nifcus
The Fed’s surprise September decision not to taper its bond buying program complicates the development and reliability of consensus policy expectations. We believe the current decline in labor participation may be more structural than cyclical, which could lead to rapid policy tightening at some point in 2014. We believe longer duration-oriented indexes, and fixed income approaches that align closely with them, present inordinately high risks to investors in the current environment.
The Fed kept rates on hold yesterday – pretty much a done deal – and its statement yesterday following its two-day policy meeting was very short on new insights.
But it was in line with my expectation that while the Fed would present a marginally less dovish assessment of the global economy, it would paint a still cloudy picture of the US and nurse the recently faltering rally in global risk appetite. US equities closed up 0.3% yesterday and 2, 5 and 10yr US treasury yields are down 6-10bps since Tuesday.
The Fed faces seven rocky weeks ahead of its 15th June meeting. It will likely want to keep the door ajar for a hike and will therefore not want to see US yields break out of range. But the market’s violent reaction today to the BoJ’s unchanged monetary policy is also a stark reminder that an overly-hawkish Fed could derail global risk appetite and in turn delay any Fed hikes.
With this in mind, my core scenario of a June is likely to be tested in coming weeks and the risk remains that flat-lining emerging market currencies will come under pressure.
The New Forex Fundamentals: Effectively Scanning Global Markets - Vantage FXVantage FX
Are you scanning the markets in a manner that is getting you ahead of the crowd? Are you reading sentiment correctly? Still doing things the old way? Abe Cofnas’ New Forex Fundamentals seminar module showed our clients a unique way to detect global sentiment to reshape their forex trading strategies.
You can view the presentation slides here!
Lately, there's been a lot of focus on the Fed and the potential for tapering. In today's Topic Talks, NEPC's Jennifer Appel breaks down the Federal Reserve's toolbox, the basics of quantitative easing, how tapering works, and what it could mean for capital markets.
Impact of monetary policy on industrial growthUdit Jain
The project describes the Impact of monetary policy on industrial growth. It covers the data of industrial analysis starting from 2004-05 to 2012-13 and finding the trend of monetary policies adopted by RBI on industry growth.
LPL Weekly Economic Commentary 7-24-17
The structural and demographic problems that will drive the deficit over the next several decades remain in place.
Bank of Canada Decision and Real GDP – Preview
We expect a very close call for the monetary policy decision on Wednesday, with the Bank of Canada (BoC) leaving the overnight rate target unchanged at 1.25%.
Will bank loans increase, or decrease? Will this stop the recovery in its tracks. Fed at moment is "puchasing" $85 bn in assets from banking system as traditional monetray policy is in "liquidity trap".
Apoorva Javadekar - Conditional Correlations of Macro Variables and Implica...Apoorva Javadekar
This ppt By Apoorva Javadekar is all about Understanding the structure of the Cross Country Correlation for Macro Variables: and Asset Pricing and Risk Sharing Implications
BIS presentation on Financials Risks 2015radhikaburman
As US Economy achieves its true potential growth, it will lead to rally in dollar and a headwinds to Emerging countries in terms on depreciating currency and reduced leverage to repay dollar denominated debts taken at the peak of QE.
The overriding factor influencing fixed-income performance was the market’s changing expectations as to when the Federal Reserve would begin tapering its quantitative easing program. The fund’s mortgage prepayment strategies, most notably our holdings of collateralized mortgage obligations, detracted from performance before rebounding in June. Our interest-rate and yield-curve positioning aided performance during the quarter. Our near-term outlook calls for continued positive economic growth and a potentially range-bound interest-rate environment.
The fourth quarter of 2012 brought an abundance of angst and speculation surrounding how, and
when, Congress might resolve its ongoing battle over fiscal policy. As investors worried about the
impact of the tax and spending provisions the Budget Control Act of 2011 would have on an already
fragile economy, Congress showed little inclination to reach a bi-partisan compromise. For more info: www.nafcu.org/nifcus
The Fed’s surprise September decision not to taper its bond buying program complicates the development and reliability of consensus policy expectations. We believe the current decline in labor participation may be more structural than cyclical, which could lead to rapid policy tightening at some point in 2014. We believe longer duration-oriented indexes, and fixed income approaches that align closely with them, present inordinately high risks to investors in the current environment.
The Fed kept rates on hold yesterday – pretty much a done deal – and its statement yesterday following its two-day policy meeting was very short on new insights.
But it was in line with my expectation that while the Fed would present a marginally less dovish assessment of the global economy, it would paint a still cloudy picture of the US and nurse the recently faltering rally in global risk appetite. US equities closed up 0.3% yesterday and 2, 5 and 10yr US treasury yields are down 6-10bps since Tuesday.
The Fed faces seven rocky weeks ahead of its 15th June meeting. It will likely want to keep the door ajar for a hike and will therefore not want to see US yields break out of range. But the market’s violent reaction today to the BoJ’s unchanged monetary policy is also a stark reminder that an overly-hawkish Fed could derail global risk appetite and in turn delay any Fed hikes.
With this in mind, my core scenario of a June is likely to be tested in coming weeks and the risk remains that flat-lining emerging market currencies will come under pressure.
The New Forex Fundamentals: Effectively Scanning Global Markets - Vantage FXVantage FX
Are you scanning the markets in a manner that is getting you ahead of the crowd? Are you reading sentiment correctly? Still doing things the old way? Abe Cofnas’ New Forex Fundamentals seminar module showed our clients a unique way to detect global sentiment to reshape their forex trading strategies.
You can view the presentation slides here!
Lately, there's been a lot of focus on the Fed and the potential for tapering. In today's Topic Talks, NEPC's Jennifer Appel breaks down the Federal Reserve's toolbox, the basics of quantitative easing, how tapering works, and what it could mean for capital markets.
Impact of monetary policy on industrial growthUdit Jain
The project describes the Impact of monetary policy on industrial growth. It covers the data of industrial analysis starting from 2004-05 to 2012-13 and finding the trend of monetary policies adopted by RBI on industry growth.
LPL Weekly Economic Commentary 7-24-17
The structural and demographic problems that will drive the deficit over the next several decades remain in place.
Bank of Canada Decision and Real GDP – Preview
We expect a very close call for the monetary policy decision on Wednesday, with the Bank of Canada (BoC) leaving the overnight rate target unchanged at 1.25%.
Will bank loans increase, or decrease? Will this stop the recovery in its tracks. Fed at moment is "puchasing" $85 bn in assets from banking system as traditional monetray policy is in "liquidity trap".
Apoorva Javadekar - Conditional Correlations of Macro Variables and Implica...Apoorva Javadekar
This ppt By Apoorva Javadekar is all about Understanding the structure of the Cross Country Correlation for Macro Variables: and Asset Pricing and Risk Sharing Implications
BIS presentation on Financials Risks 2015radhikaburman
As US Economy achieves its true potential growth, it will lead to rally in dollar and a headwinds to Emerging countries in terms on depreciating currency and reduced leverage to repay dollar denominated debts taken at the peak of QE.
Ben Bernanke's Opening Press Conference Statement.atul baride
This are the opening remarks before the likely last press conference of over stayed FOMC Chairman Ben Bernanke. Ben now driving the Economy Car with Brakes and accelerator. But Where is the steering ..?
Our concern is about QE tapering and your investments. When Fed Chairman Powell announced the plan to taper he also noted that there will be no immediate increase in interest rates at least not in the first half of 2022.
https://youtu.be/w6lqHD0HX90
Assignment 1 Privatizing the U.S. Money SupplyWould it be possibl.docxfelicitytaft14745
Assignment 1: Privatizing the U.S. Money Supply
Would it be possible to privatize the money supply in the United States completely? In doing so, what would be the primary obstacle to overcome in implementing such a policy?
By
Thursday, February 1, 2013
, post your initial discussion response in the M4: Assignment 1 Discussion Area. By
Wednesday, February 6, 2013
,
Assignment 2: The Multiplier Effect
Go to “
FRB: Press Release—FOMC statement—December 16, 2009
.”
You should now find a press release from the Board of Governors of the Federal Reserve System, dated December 16, 2009, which discusses the decisions of the Federal Open Market Committee (FOMC) for that date.
This release also states that the Federal Reserve is in the process of purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. Additionally, the release states that the FOMC has decided to gradually reduce “the pace” of such Fed purchases. Discuss why you believe that the FOMC has made such a decision, and explain the consequences of such a decision on the economy.
In your answer, discuss the Federal Reserve’s use of open-market operations to influence the money supply and the respective consequences of such actions. Include a discussion of the money multiplier effect in your response. Justify your conclusions and provide appropriate examples.
Using Microsoft Word, submit your responses in the form of a short paper ( 2 pages).
By
Monday, February 4, 2013
I.
How does open market operation (OMO) affect economic activity:
OMO refers to the
sale /purchase of securities
(government) by the
FED
to other banks, institutional buyers and financial institutions in order to influence the total money circulating in the system. Ina recession when the govt wants consumers to spend more it purchases these securities. This releases more funds into the coffers of these institutions, which allows them to use these to extend more credit and raise consumption and investments. the opposite happens in a boom period. When the government wants to reduce spending and arrest rising prices it takes away funds by offering to sell its own securities. Financial institutions buys these and reduce the amount left with them for credit purposes. Since the FOMC is the
policy making branch
of the FED it is responsible for any decisions on sale/purchase of securities as well as the price at which these transactions happen. The article is a part of that decision making. It outlines the decisions taken and elucidates the reasons behind the former. Therefore the influence on the economy of OMO is via changes in
money supply
.
II.
reasons for the FOMC decision
recent data has been encouraging on a front of fronts, which signalled a recovery from the
financial meltdown
of 2009. But this recovery was slow compared to most recoveries from previous recessions. Signs of a
recovery
include:
·
In the residential real estate sector, home sales and construction .
Trekking markets & more with InvestrekkInves Trekk
The report presents a summary of the Indian market activity during the week ended 27 June 2021. It also provides some important insights about the global market trends and Indian Market outlook for the Week beginning 28 June 2021.
Signs of inflation will raise the stakes for the Fed’s policy communications. Favorable conditions for leveraged strategies could reverse quickly. Reasonable valuations and the Fed’s policy goals continue to support risk assets.
• Spread sectors continued to rally as investors focused more on opportunities than on risks.
• The Fed maintained its stance, but new questions emerged about how much further influence the central bank can exert.
• With tax rates fixed for the near term, policymakers turned their attention to spending cuts.
• Despite tighter valuations in corporate credit, we foresee continued solid demand and fundamentals.
What recent and past actions have Canada and the US taken to counter.pdfmeejuhaszjasmynspe52
What recent and past actions have Canada and the US taken to counteract their exchange rates
with the economy in such distress over the past 10 years?
Solution
Since 2007, the world has experienced a period of severe financial stress, not seen since the time
of the Great Depression. This crisis started with the collapse of the subprime residential
mortgage market in the United States and spread to the rest of the world through exposure to
U.S. real estate assets, often in the form of complex financial derivatives, and a collapse in global
trade. Many countries were significantly affected by these adverse shocks, causing systemic
banking crises in a number of countries, despite extraordinary policy interventions. Systemic
banking crises are disruptive events not only to financial systems but to the economy as a whole.
Such crises are not specific to the recent past or specific countries – almost no country has
avoided the experience and some have had multiple banking crises. While the banking crises of
the past have differed in terms of underlying causes, triggers, and economic impact, they share
many commonalities. Banking crises are often preceded by prolonged periods of high credit
growth and are often associated with large imbalances in the balance sheets of the private sector,
such as maturity mismatches or exchange rate risk, that ultimately translate into credit risk for
the banking sector.
Crisis management starts with the containment of liquidity pressures through liquidity support,
guarantees on bank liabilities, deposit freezes, or bank holidays. This containment phase is
followed by a resolution phase during which typically a broad range of measures (such as capital
injections, asset purchases, and guarantees) are taken to restructure banks and reignite economic
growth. It is intrinsically difficult to compare the success of crisis resolution policies given
differences across countries and time in the size of the initial shock to the financial system, the
size of the financial system, the quality of institutions, and the intensity and scope of policy
interventions. With this caveat we now compare policy responses during the recent crisis episode
with those of the past. The policy responses during the 2007-2009 crises episodes were broadly
similar to those used in the past. First, liquidity pressures were contained through liquidity
support and guarantees on bank liabilities. Like the crises of the past, during which bank
holidays and deposit freezes have rarely been used as containment policies, we have no records
of the use of bank holidays during the recent wave of crises, while a deposit freeze was used only
in the case of Latvia for deposits in Parex Bank. On the resolution side, a wide array of
instruments was used this time, including asset purchases, asset guarantees, and equity injections.
All these measures have been used in the past, but this time around they seem to have been put in
place quicker (for detailed informatio.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
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Large scale asset purchases (QE) - intent & after effects!!
1. THE GREAT QE TAPER DEBATE -
Some thoughts on QE & its after effects ….
2. MAY 22 – BERNANKE DAY
On May 22, in a briefing to Congress, Federal Reserve
Chairman Ben Bernanke said that the central bank could
possibly begin to downsize its $85 billion per month bond-
buying program “in the next few meetings,” if the economy sees
enough improvement and it looks sustainable.
But markets are prone to overreaction, especially during times
of economic uncertainty. What Bernanke said in May was really
just a reiteration of his explicit promise not to raise short-term
interest rates at least until the unemployment rate falls to
6.5%, and not begin to reduce its buying of long-term bonds
until “the outlook for the labor market has improved
substantially.”
6. HOUSING RECOVERY …… REALITY CHECK
Mortgage applications decreased 4.7% from the
previous week The Refinance Index decreased 4% from
the previous week The seasonally adjusted Purchase
Index decreased 5% from the previous week The
unadjusted Purchase Index decreased 6% compared
with the previous week
One week does not make a trend, but the trend looks
ominous. The weekly application surveys show a decline
in mortgage applications for the 13th time in 15 weeks.
Curiously, refinance applications, although trending
lower, still account for about 63% of applications.
8. ARE BOND YIELDS RISING ON FED’S TAPER REMARKS?
The consensus is that yields began
to rise on May 22 , the day Fed
Chairman Ben Bernanke seemed to
hint at tapering Fed’s $85 billion
monthly bond buying program.
In reality the yields bottomed in July
2012 and started rising from July
2012 as the chart shows.
10. WHAT HAS THE QE ACHIEVED – A STUDY BY VASCO
CÚRDIA AND ANDREA FERRERO
To examine the economic effects of an LSAP program
similar to QE2, we run simulations based on U.S.
macroeconomic data from the third quarter of 1987 to
the third quarter of 2009. We assume that the Fed’s
purchase program lasts five years, gradually
accumulating $600 billion of long-term Treasury
securities in the first year, holding them for two years,
and gradually reducing them over the last two years.
We further assume that forward guidance states that
the central bank will keep the policy interest rate at
zero for the program’s first four quarters.
11. QE2 ADDED 0.13% TO GDP & 0.03% TO INFLATION
The Federal Reserve’s large-scale
purchases of long-term Treasury
securities most likely provided a
moderate boost to economic
growth and inflation. Importantly,
the effects appear to depend
greatly on the Fed’s guidance that
short-term interest rates would
remain low for an extended
period. Indeed, estimates from a
macroeconomic model suggest
that such interest rate forward
guidance probably has greater
effects than signals about the
amount of assets purchased.
Cúrdia and Ferrero
12. NOW LET’S SEE HOW LARGE SCALE ASSET PURCHASES (QE) COMPARES
WITH CONVENTIONAL RATE CUT BY FED ………
The 0.13 percentage point median impact on real GDP growth
fades after two years. The median effect on inflation is a mere
0.03 percentage point. To put these numbers in perspective, QE2
was announced in the fourth quarter of 2010. Real GDP growth in
that quarter was 1.1% and personal consumption expenditure
price index (PCEPI) inflation excluding food and energy was 0.8%.
Our estimates suggest that, without LSAPs, real GDP growth would
have been about 0.97% and core PCEPI inflation about 0.77%.
Vasco Cúrdia and Andrea Ferrero
Vasco Cúrdia is a senior economist in the Economic Research Department of the
Federal Reserve Bank of San Francisco.
Andrea Ferrero is a senior economist at the Federal Reserve Bank of New York.
13. QE2 STIMULATES GDP GROWTH ONLY ABOUT HALF AS MUCH AS A 0.25
PERCENTAGE POINT INTEREST RATE CUT
Instead of QE if the Fed had resorted to a
rate cut of 25 bps then GDP would have
increased by 0.26% and inflation rises
by 0.04%.
Both policy tools have similar effects on
inflation. However, if we pair the LSAP
program with a commitment to keep the
federal funds rate near zero for five
quarters instead of four quarters, then
the median effects on real GDP growth
and inflation are similar to those of the
0.25 percentage point interest rate cut.
Vasco Cúrdia and Andrea Ferrero
14. LARGE SCALE ASSET PURCHASES ARE DRIVEN MORE ON
RATE EXPECTATIONS …….
Asset purchase programs like QE2 appear to have, at
best, moderate effects on economic growth and
inflation. Research suggests that the key reason these
effects are limited is that bond market segmentation
is small. Moreover, the magnitude of LSAP effects
depends greatly on expectations for interest rate
policy, but those effects are weaker and more
uncertain than conventional interest rate policy. This
suggests that communication about the beginning of
federal funds rate increases will have stronger effects
than guidance about the end of asset purchases.
Vasco Cúrdia and Andrea Ferrero
15. WHEN WILL THE FED BEGIN TAPERING ITS ASSET
PURCHASE PROGRAM?
Attention is now centered on whether the process will begin,
as some FOMC participants have suggested, as early as the
September FOMC meeting. Indeed, it seems highly unusual
that, in the first week of August and in the wake of the
controversial press conference held after the FOMC's June
meeting, four Federal Reserve Bank presidents, widely
considered representative of the full spectrum of views
among FOMC participants, have gone on record suggesting
that tapering of the Fed's $85 billion/month asset purchase
program could begin as soon as the September.
The key to the decision to taper lie whether the fed is
comfortable to the idea of steepening yield curve and
interest rate expectation post beginning of taper program.
16. When Treasuries and MBS are taken out of the private sector market,
their prices increase and their yields decline. This makes them less
attractive to hold relative to other higher-yielding assets such as equities,
corporate debt, and loans. This is termed the portfolio balance effect.
Indeed, many have argued that because of the portfolio balance effect,
yield-seeking funds have found their way into equities and are behind the
increase in the stock market. Of course, this was one of the intents of
the asset purchase program: the hope was that an increase in perceived
wealth would stimulate consumer spending, encourage investment and
promote economic growth.
When Treasuries and MBS are taken out of the private sector market,
their prices increase and their yields decline. This makes them less
attractive to hold relative to other higher-yielding assets such as equities,
corporate debt, and loans. This is termed the portfolio balance effect.
Indeed, many have argued that because of the portfolio balance effect,
yield-seeking funds have found their way into equities and are behind the
increase in the stock market. Of course, this was one of the intents of
the asset purchase program: the hope was that an increase in perceived
wealth would stimulate consumer spending, encourage investment and
promote economic growth.
17. FED’S INTENT VS MARKET EXPECTATIONS ……
In the case of the Fed's $85 billion/month asset purchase program, which involves the
purchase of long-term Treasuries and MBS, the Fed is taking these assets out of the
private market, bidding up their prices, lowering their yields, and interfering with both the
normal term structure and market expectations about future rates. By doing so, the FOMC
is over riding market expectations and is de facto signaling that it intends to keep short-
term interest rates lower than the might otherwise expected. In fact, this is exactly what
the FOMC has said in the statements released after its meetings.
Using data from the Treasury on its net issuance of debt in 2013 to date, we find that the
Federal Reserve has purchased 75% of those securities. So, if the Fed were to begin to
scale back its purchases, more Treasury supply would be available to the private sector,
putting downward pressure on prices and raising rates. According to the expectations
theory the rise in rates, because of the FOMC's tapering would logically be interpreted by
the market as a signal by the Fed that short-term rates will rise sooner than previously
expected. Thus, notwithstanding the FOMC's view that it was not (according to the
theories it was following) tightening policy, markets would be led to conclude the
opposite. Indeed, the abrupt reaction to even the hint by FOMC participants that the
FOMC might consider tapering its program, demonstrates that the market interpreted the
talk as a signal that rates would rise sooner than expected.
18. THE CLEAR DISCONNECT & MAYHEM….
There clearly is a disconnect between theory and evidence and
it is currently impacting the FOMC's intended policy. This,
together with the personal/political considerations surrounding
the composition of the Board of Governors, its leadership, and
the makeup of the voting presidents, makes divining what is
likely to happen even more difficult. One thing seems rather
clear at this point, and that is that other factors besides
"incoming data" will be in play, which will only serve to increase
volatility and place a premium on hedging by investors.
19. DISCLAIMER
The presentation represents only the opinions of the author and those that
expressed by the various experts as indicated herein. Any views expressed are
provided for information purposes only and should not be construed in any way as an
offer, an endorsement, or inducement to invest and is not in any way a testimony of,
or associated with any firms, person or otherwise.
This is purely a medium to articulate my thoughts on the given subject.
Any suggestions, criticism can be addressed to me at: avisekh@yahoo.com
Data sources are indicated at the bottom of the slide.
This presentation / opinion is strictly for non-commercial purpose only and does not
represent the opinion of the firm/ clients the author is associated with.
All material presented herein is believed to be reliable but I cannot attest to its
accuracy. Opinions expressed in these reports may change without prior notice.