Fixed‑income markets are overestimating the impact of potential changes to the Federal Reserve’s balance‑sheet policy, which are likely to be slow and limited, according to Canadian Imperial Bank of Commerce. The Fed isn’t likely to start shrinking its $6.7 trillion balance sheet until next year, said CIBC’s strategists Michael Cloherty , Anjun Ananth and Ian Pollick. Even then, the US central ban...
Fixed‑income markets are overestimating the impact of potential changes to the Federal Reserve’s balance‑sheet policy, which are likely to be slow and limited, according to Canadian Imperial Bank of Commerce. The Fed isn’t likely to start shrinking its $6.7 trillion balance sheet until next year, said CIBC’s strategists Michael Cloherty , Anjun Ananth and Ian Pollick. Even then, the US central bank would not sell holdings of assets like mortgage-backed securities to avoid spooking the market. It would also rollover roughly a third of its Treasury holdings, they said. Policymakers have debated ways to reduce one of the main drivers of the balance sheet’s growth: the banking sectors’ demand for cash held at the central bank. Dallas Fed President Lorie Logan said last week she favors using changes in liquidity rules to shrink banks’ need to hold reserves, following similar calls from Governor Stephen Miran and Vice Chair of Supervision Michelle Bowman . A recent essay published by the Dallas Fed about ways the central bank can shrink its balance sheet understates the costs and risks of a rapid balance sheet reduction, said the CIBC strategists. There are also some underlying issues that “aren’t immediately obvious,” they added. For starters, proposals like lowering bank reserves or offering tiered rates on bank reserve policies, would increase the importance of money-market funds in the transmission of monetary policy. The funds have been the primary vehicle for transmitting monetary policy to the market by through the Fed’s overnight reverse repo facility. That shifts some control over monetary policy actors to the Securities and Exchange Commission, which oversees mutual funds, from the Fed, they said. That could limit the banking regulators’ reach during a crisis. “In times of extreme stress it can be useful to have strong regulatory control over the firms you are relying on for monetary policy passthrough,” they wrote. CIBC thinks the Fed is unlikely to adjust eith...
Jerome Maurice/iStock via Getty Images FTAI Aviation Ltd.’s ( FTAI ) Preferred Series C shares ( FTAIN ) have lost 1.29% since my last report , but with a total return of 0.7% against the S&P 500’s ( SP500 ) 5.7% decline. It somewhat shows in times of market turmoil, fixed income outperforms and has appeal. However, for FTAI Aviation Preferred Series C shares, I believe the appeal is extremely lim...
Jerome Maurice/iStock via Getty Images FTAI Aviation Ltd.’s ( FTAI ) Preferred Series C shares ( FTAIN ) have lost 1.29% since my last report , but with a total return of 0.7% against the S&P 500’s ( SP500 ) 5.7% decline. It somewhat shows in times of market turmoil, fixed income outperforms and has appeal. However, for FTAI Aviation Preferred Series C shares, I believe the appeal is extremely limited due to a redemption that I deem likely. In this report, I discuss why. About The FTAI Series C Preferred Series C A good starting point for the analysis is a quick refresh on the nature of the FTAI Series C Preferred Shares. The shares were issued in 2021 with a redemption price equal to the par value of $25, with an annual dividend of $2.0625 paid quarterly, yielding 8.25% against the par value. The current price is $25.20, bringing the effective yield to 8.2%, which is slightly higher compared to the 8.1% effective yield that I calculated in my prior report. The preferred shares are redeemable on or after June 2026, and the dividends are of a cumulative nature, which means that if FTAI Aviation misses a dividend payment, it still has to eventually pay that dividend. To date, the company has never missed a dividend payment . In the event of a rating downgrade for FTAI Aviation by all rating agencies, the shares may also be redeemed. If FTAI elects not to redeem the shares, the dividend yield rate will be reset. Why Redemption Seems To Be The Next Step The “effective yield” looks attractive, and the dividend yield reset also looks attractive, as the new yield will be remeasured against the five-year treasury rate plus 7.378 points. The current 5-year treasury rate is 3.987%; if we add the 7.378 points to that, we would get a yield of 11.4%. So, the annual dividend would increase to $2.85 with an 11.3% effective yield. CME Group Previously, the expectation was that the interest rates would be adjusted in the 17 th of June meeting to 325-350 basis points. The current exp...
Ryan Savitz, executive vice president, chief financial officer, and chief business officer of Dianthus Therapeutics (NASDAQ:DNTH) , reported the sale of 114,367 shares of common stock for approximately $9.49 million via open-market disposition on March 31, 2026, as disclosed in this SEC Form 4 , filed on April 1. Transaction value based on SEC Form 4 weighted average purchase price ($83.00). * One...
Ryan Savitz, executive vice president, chief financial officer, and chief business officer of Dianthus Therapeutics (NASDAQ:DNTH) , reported the sale of 114,367 shares of common stock for approximately $9.49 million via open-market disposition on March 31, 2026, as disclosed in this SEC Form 4 , filed on April 1. Transaction value based on SEC Form 4 weighted average purchase price ($83.00). * One-year price change calculated using April 1, 2026, as the reference date. Continue reading
A bull and a bear both offered pessimistic views of Tesla stock after the automaker reported its Q1 deliveries, which provided the first look at its business this year. JPMorgan analyst Ryan Brinkman, the bear, cut his forecast for Tesla's earnings to 30 cents a share down from a previous estimate of 43 cents and below Wall Street consensus of 39 cents, according to FactSet. Brinkman added that he...
A bull and a bear both offered pessimistic views of Tesla stock after the automaker reported its Q1 deliveries, which provided the first look at its business this year. JPMorgan analyst Ryan Brinkman, the bear, cut his forecast for Tesla's earnings to 30 cents a share down from a previous estimate of 43 cents and below Wall Street consensus of 39 cents, according to FactSet. Brinkman added that he sees 60% downside to his price target of $145 a share and maintained his sell rating.
By David Shepardson WASHINGTON, April 6 (Reuters) - Amazon.com said Monday it has reached a new agreement with the U.S. Postal Service on package deliveries.
By David Shepardson WASHINGTON, April 6 (Reuters) - Amazon.com said Monday it has reached a new agreement with the U.S. Postal Service on package deliveries.
JHG and peers stand out as oil prices rise, pushing investors toward dividend growth stocks with strong earnings, steady payouts, and resilient fundamentals.
JHG and peers stand out as oil prices rise, pushing investors toward dividend growth stocks with strong earnings, steady payouts, and resilient fundamentals.
Amazon.com on Monday announced it reached a new agreement with the U.S. Postal Service on package deliveries, and sources said the cash-strapped mail system would retain about 80% of its existing deliveries from its biggest customer. That 20% cut is a dramatically better outcome for the postal agency than the two-thirds or larger reduction that Reuters reported last month Amazon had threatened....
Amazon.com on Monday announced it reached a new agreement with the U.S. Postal Service on package deliveries, and sources said the cash-strapped mail system would retain about 80% of its existing deliveries from its biggest customer. That 20% cut is a dramatically better outcome for the postal agency than the two-thirds or larger reduction that Reuters reported last month Amazon had threatened. USPS warned last month it could run out of cash as soon as October, and the risk that Amazon would replace the carrier by expanding its own delivery network or using rivals was an existential peril.
Images By Tang Ming Tung/DigitalVision via Getty Images March 2026 brought a broad pullback across most asset classes to close out the first quarter. World stocks fell -8.03% and U.S. real estate dropped -6.37%, while U.S. stocks declined -4.93%. These losses pushed U.S. stocks into negative territory for the year at -4.36%, while world stocks held onto a slim +2.01% year-to-date gain despite the ...
Images By Tang Ming Tung/DigitalVision via Getty Images March 2026 brought a broad pullback across most asset classes to close out the first quarter. World stocks fell -8.03% and U.S. real estate dropped -6.37%, while U.S. stocks declined -4.93%. These losses pushed U.S. stocks into negative territory for the year at -4.36%, while world stocks held onto a slim +2.01% year-to-date gain despite the difficult month. Commodities stood as the clear outlier on the March scoreboard, surging +24.23%. Building on gains of +10.49% in January and +1.88% in February, commodities now lead all asset classes by a wide margin with a year-to-date return of +39.84% through the end of Q1. Managed futures slipped just -0.53% in March. One of the smaller declines on the scoreboard during a month when most risk assets fell sharply. Their year-to-date return remains at +7.35%, placing them second on the 2026 scoreboard behind Commodities and well ahead of the rest of the field. Hedge funds and bonds also finished March in the red, declining -2.24% and -1.74%, respectively. Both remain positive for the year, though narrowly, hedge funds at +1.82% and bonds at just +0.05%. Cash continued its steady pace with another +0.31% monthly return, bringing its Q1 total to +0.92%. U.S. real estate, despite March’s decline, finished Q1 with a modest +1.00% year-to-date gain. As Q1 closes, commodities hold a commanding lead on the 2026 scoreboard, with managed futures in a clear second place. U.S. stocks remain the only asset class in negative territory for the year. Past performance is not indicative of future results. Past performance is not indicative of future results. Sources: Managed Futures = SocGen CTA Index Cash = US T-Bill 13-week coupon equivalent annual rate/12, with YTD the sum of each month’s value Bonds = Vanguard Total Bond Market ETF (NYSEARCA: BND ) Hedge Funds = IQ Hedge Multi-Strategy Tracker ETF (NYSEARCA: QAI ) Commodities = iShares S&P GSCI Commodity-Indexed Trust ETF (NYSEARCA: ...
总部位于芝加哥的通风设备公司Madison Air Solutions Corp．正着手进军股票市场，这笔交易可能成为数十年来规模最大的工业类IPO之一，正值投资者对数据中心扩张相关基础设施的兴趣持续升温之际。 这家总部位于芝加哥的通风与过滤系统供应商向美国证券交易委员会提交的文件显示，该公司将以每股25至27美元的价格发行8270万股股票，最高可融资22.3亿美元。按发行价区间上限计算，公司估值...
ismael san jose/iStock via Getty Images Facing Ample Uncertainty, Small-Caps Maintain Leadership Most of the world’s equity indexes began 2026 on a positive note—which went sour when the U.S. and Israel went to war with Iran, creating concerns for investors beyond the human costs and geopolitical instability. Prior to the onset of the conflict—which spurred a shock to global energy supplies when I...
ismael san jose/iStock via Getty Images Facing Ample Uncertainty, Small-Caps Maintain Leadership Most of the world’s equity indexes began 2026 on a positive note—which went sour when the U.S. and Israel went to war with Iran, creating concerns for investors beyond the human costs and geopolitical instability. Prior to the onset of the conflict—which spurred a shock to global energy supplies when Iran closed off the logistically vital Strait of Hormuz—investors were facing an already lengthy and weighty set of worries, including sticky inflation, increased unemployment, fear of a market bubble (mostly limited to large-cap stocks), a sluggish housing market, and declining consumer confidence. To this list we can add unease about private credit potentially having a bubble of its own—with ripple effects that are impossible to predict. In light of these issues, we were pleased to see 1Q26 conclude with the small-cap Russell 2000 and Russell Microcap Indexes each surviving the wild swings that have characterized the U.S. equity markets since the beginning of the war by eking out positive returns. 2026’s first quarter marked the fourth consecutive quarter in which the micro-cap index beat the major domestic large-cap indexes, helping solidify the market leadership for both small- and micro-cap stocks that began off the April 2025 market low. For 1Q26, both the Russell Microcap and Russell 2000 were positive, with the Russell 2000 gaining 0.9% and the Russell Microcap advancing 1.5%. By comparison, the large-cap Russell 1000 Index declined -4.2% while the mega-cap Russell Top 50 Index fell -7.9% as the ‘Mag 7’ turned into the ‘Lag 7.’ The Russell 1000 has experienced 26 down quarters over the last 25 years—and the Russell 2000 has beaten its large-cap sibling only eight times (including 1Q26). Small-caps had a positive return in only one other previous down quarter for large-cap, which occurred in 2Q08 during the Great Financial Crisis. Amid High Volatility, Small- and Micr...
The Debt Spiral Ends In Dollar Destruction: 6 Hard Truths America Can No Longer Ignore Authored by Nick Giambruno via Doug Casey's International Man , “Whenever governments are granted power to purchase their own debt, they never fail to do so, eventually destroying the value of the currency.” – Ron Paul Let’s take a step back and look at the big picture so we can assess the US government’s financ...
The Debt Spiral Ends In Dollar Destruction: 6 Hard Truths America Can No Longer Ignore Authored by Nick Giambruno via Doug Casey's International Man , “Whenever governments are granted power to purchase their own debt, they never fail to do so, eventually destroying the value of the currency.” – Ron Paul Let’s take a step back and look at the big picture so we can assess the US government’s financial situation, where it’s likely headed, and what these trends could mean. Observation #1: It’s Politically Impossible To Cut Spending Among the biggest expenditures for the US government are so-called entitlements like Social Security and Medicare. It’s unlikely any politician will cut entitlement s. On the contrary, I expect them to continue growing. That’s because tens of millions of Baby Boomers - about 22% of the population - will enter retirement in the coming years. Cutting Social Security and Medicare is a sure way to lose an election. The interest on the federal debt is already the second-largest federal expenditure. In a matter of months, it’s set to exceed Social Security and become the biggest expenditure. With the most precarious geopolitical situation since World War 2, National Defense—another large expenditure—is unlikely to be cut. Instead, defense spending is all but certain to increase . President Trump has proposed increasing it from $917 billion to $1.5 trillion. The ongoing war with Iran guarantees military spending has nowhere to go but up, way up. The Pentagon has requested an additional $200 billion for starters for the Iran war. Different types of healthcare and welfare programs also make up a considerable part of the federal budget and are unlikely to be cut. In short, efforts to reduce expenditures will be meaningless unless it becomes politically acceptable to make chainsaw-like cuts to entitlements, national defense, and welfare while reducing the national debt to lower the interest cost. In other words, the US would need a leader who—at a mini...
(RTTNews) - After coming under pressure early in the session on Monday, treasuries regained some ground as the day progressed but remain in negative territory.
(RTTNews) - After coming under pressure early in the session on Monday, treasuries regained some ground as the day progressed but remain in negative territory.
Mininyx Doodle/iStock via Getty Images In the current AI environment, I am certainly not the most optimistic when it comes to SaaS stocks. In fact, I recently analyzed UiPath ( PATH ), and as much as I don't think it's a bad company, I think there is a very large uncertainty in the business model and also much more attractive alternatives to ride the same trend. But I'm also not that guy who think...
Mininyx Doodle/iStock via Getty Images In the current AI environment, I am certainly not the most optimistic when it comes to SaaS stocks. In fact, I recently analyzed UiPath ( PATH ), and as much as I don't think it's a bad company, I think there is a very large uncertainty in the business model and also much more attractive alternatives to ride the same trend. But I'm also not that guy who thinks that absolutely all SaaS companies are dying businesses and have no moat. I know that there are some good companies that will use AI as something to boost growth and the moat. And one of them is Cellebrite DI Ltd. ( CLBT ). A company that is in a very interesting niche, and the financials are in great shape, all of this for a very reasonable valuation. Why Cellebrite Is A Good Company I believe that common sense, or first-level thinking, is that Cellebrite is a company that “unlocks” smartphones. Because of this, perhaps the moat and the real opportunity go unnoticed many times. It's not that this is a wrong view, especially because one of the products really is the “Universal Forensic Extraction Device,” that is, a service to extract physical data from devices like an iPhone. This in itself would already be a small moat, since the police and similar agents could not use pirated software or an “unofficial” alternative; it needs to be something serious, secure, approved, and all that. But Cellebrite is far from being a company that only unlocks cell phones, discovers passwords, and all that. There is a whole platform, a management behind it. Guardian, for example, is a Cellebrite cloud system. After extracting hundreds of gigabytes from a device of someone who is being investigated, this needs to be stored somewhere. Guardian is the place where everyone involved can access it securely and with various “features” so that everyone has access but only with permissions that are necessary. And in this context these things matter a lot; it's not like a company like Anthropic cou...
Noko LTD/E+ via Getty Images DFAX Strategy DFA Dimensional World ex US Core Equity 2 ETF ( DFAX ) is an actively managed fund launched on 03/06/2008 and listed as an ETF on 9/13/2021. Historical prices are reported by data providers from the latter date. DFAX has over 10,000 holdings, a 12-month distribution yield of 2.44%, and an expense ratio of 0.28%. Distributions are paid quarterly. As descri...
Noko LTD/E+ via Getty Images DFAX Strategy DFA Dimensional World ex US Core Equity 2 ETF ( DFAX ) is an actively managed fund launched on 03/06/2008 and listed as an ETF on 9/13/2021. Historical prices are reported by data providers from the latter date. DFAX has over 10,000 holdings, a 12-month distribution yield of 2.44%, and an expense ratio of 0.28%. Distributions are paid quarterly. As described in the prospectus by Dimensional , the fund essentially selects stocks based on size, valuation, and profitability. Value is primarily measured by the price-to-book value ratio, with secondary metrics such as price-to-cash flow and price-to-earnings. Profitability is primarily measured by earnings or profits from operations in relation to book value or assets. Nonetheless, metrics used to assess value and profitability may change over time. The portfolio turnover rate is very low: 5% in the most recent fiscal year. In this article, I will use the iShares Core MSCI Total International Stock ETF ( IXUS ) as a benchmark, which tracks the MSCI ACWI ex USA IMI Index. Portfolio About 61% of asset value is invested in large- and mega-cap companies. The fund is geographically diversified, with 67.4% in developed markets, 32.6% in emerging markets, and a focus on Asia (about 50% of asset value). Japan is in first position with 15.4% of assets, and all other countries are below 9%. The geographical allocation is very close to that of the benchmark, even though DFAX slightly downplays the U.K. DFAX top countries (chart: author: data: Dimensional, iShares) The fund is diversified across sectors, with significant exposure in financials (19.1%) and industrials (17.2%). Compared to IXUS, DFAX notably overweights materials and downplays financials, but the two funds’ sector breakdowns are not much different. Sector breakdown (chart: author: data: Dimensional, iShares) Company-specific risk is low. The top 10 issuers, listed in the next table, represent 7.5% of asset value, and the heav...