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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Wall Street News
U.S. Treasury Junk Bond Market
by Howard Haykin
While the title of this post is admittedly an exaggeration, the idea of U.S. Treasurys trading as junk is not as far-fetched as it may seem. Bond traders are concerned about a default on government bills. Yields on 3-month T-bills now pay more than 6-month T-bills. And 3-month T-bill yields are trading cheaper than they usually do relative to overnight index swaps, an interest-rate derivative in which investors bet on the Fed's interest-rate policy.
What’s driving this country’s first “inversion” since the financial crisis of 2008 is the dysfunction in Washington and the resultant fighting over the federal government’s spending limit. Congress has until October to get things right, but that’s not a lot of time when one considers several speed bumps, including the following: (i) healthcare legislation; (ii) income tax legislation; (iii) Russian investigation; (iv) opposing factions of the Republican party; (v) disagreement between Treasury Secretary Steve Mnuchin and White House budget director Mick Mulvaney on how to proceed; and, (vi) possibility of a filibuster. That last factor, or speed bump, comes into play because the Senate will likely need 60 votes to pass a debt-limit increase.
Enough about economics. Oh, by the way, can you lend me a few bucks to get a Starbucks latte?