I mean, I don't I don't think we have to be in a bubble for the market to say we're going to take a break for a while from the expensive tech stock. I mean, and that has happened multiple times. So, I try to sort of sidestep, you know, the the argument of maybe the riskreward is better elsewhere is not answered by Yeah, but it's not a bad bubble, okay.Because you can still be outside of a bubble or in the bubble in the making or two years away uh and still have the riskreward not look great. We weren't in a ...

Dogecoin traded quietly after the Federal Reserve delivered a widely anticipated rate cut, holding key support as traders assessed what easier policy means for risk assets. The Federal Reserve announced a 25-basis-point cut to its benchmark rate on Wednesday, lowering the target range to 3.5%–3.75%. While the move marked the third cut of the year, policymakers signaled growing internal disagreement. Some members supported further easing to protect a weakening labor market, while others warned that add ...

Group 1: Federal Reserve and Interest Rate Policy - The Federal Reserve is expected to ease monetary policy, with the main debate focusing on the timing and pace of this easing [1][2][4] - Concerns about inflation persist, as it remains above the 2% target, but there is a consensus that the neutral rate is below current levels [2][12] - The economic backdrop is characterized by a potential need for rate cuts to support valuations, especially given the current high rates relative to economic growth [11][14] Group 2: AI Trade and Market Sentiment - There has been a significant reset in market sentiment over the past month, influenced by large deals and the AI infrastructure buildout projected to reach $3 to $4 trillion by 2030 [5][6] - Companies like Nvidia and Applied Materials are seen as attractive investment opportunities due to their roles in the AI infrastructure [7][9] - The economic profit within the technology sector is shifting from software to infrastructure, indicating a broader investment opportunity beyond the major tech companies [8][9] Group 3: Employment and Economic Growth - The labor market is showing signs of slowdown, with many individuals living paycheck to paycheck, which raises concerns about sustaining economic growth [12][13] - Employment growth is primarily observed in low-wage service sectors, which does not provide a strong foundation for broader economic expansion [14] - The top 10% of the population holds a significant portion of stock market wealth, highlighting income inequality and its potential impact on consumer spending [12]

Group 1 - Proactive specializes in providing fast, accessible, and actionable business and finance news content to a global investment audience [2][3] - The company focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team operates from key finance and investing hubs, including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company employs technology to enhance workflows and improve content production [4] - Proactive utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Points - The documents primarily focus on HSBC's fine gold products, specifically highlighting their specifications such as weight and purity [1][2]. Group 1: Company Overview - HSBC offers fine gold products with a net weight of 1000 grams and a purity of 999.9 [1][2]. Group 2: Industry Context - The documents do not provide specific industry context or market analysis related to HSBC's gold offerings.

18 November 2025 | 2:22PM EST Economics Research Global Market Views: Trading 2025, Thinking 2026 1. Peering through data fog into 2026. The US government shutdown has amplified risks around the upcoming data releases, particularly around the labour market. That is still the main risk to an otherwise benign global cyclical picture. If the outturns there are only modestly weak rather than tripping into recessionary fears, the outlook beyond that into 2026 looks more reassuring. Government re-opening, recedin ...

Welcome back to Schwab Impact here at the Colorado Convention Center. Interest rates, they've been rising since Fed Chair Pal's more hawkish comments during last week's news conference. Kathy Jones is Schwab's chief fixed income strategist and joins us now.It's good to see you. >> Hi, Scott. >> What do you make of the back up in rates.>> You know, I think the market just got way over its skis and expectations for Fed easing. I'm not really sure why because the data weren't really that compelling. Um but now ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported net income of $0.53 per share, a significant improvement from a loss of $0.29 in Q2 2025 [5] - Book value increased to $7.33 as of September 30, 2025, compared to $7.21 on June 30, 2025 [5] - Total return for Q3 was 6.7%, a recovery from -4.7% in Q2 [5] - Average portfolio balance rose to $7.7 billion in Q3 from $6.9 billion in Q2 [5] - Liquidity improved to 57.1% at September 30, 2025, up from 54% at June 30, 2025 [5] Business Line Data and Key Metrics Changes - The average coupon of the portfolio increased from 5.45% to 5.53%, and the effective yield rose from 5.38% to 5.51% [30] - The net interest spread expanded from 2.43% to 2.59% [30] - The portfolio remains 100% agency RMBS, with a focus on call-protected specified pools [30] Market Data and Key Metrics Changes - The cash Treasury curve and SOFR swap curve showed a slight steepening, reflecting market expectations of Fed rate cuts due to labor market deterioration [7][8] - The long end of the Treasury curve performed well, with strong demand in the investment-grade corporate market despite tight credit spreads [10] Company Strategy and Development Direction - The company is focused on maintaining a conservative leverage posture while enhancing the carry and prepayment stability of its portfolio [30][39] - The strategy includes investing in high coupon specified pools to insulate against adverse payment behavior and stabilize income streams [30][43] - The company anticipates potential tailwinds from continued Fed rate cuts and the end of quantitative tightening, which could support the agency RMBS market [44] Management's Comments on Operating Environment and Future Outlook - Management noted a potential crossroads for the economy, with labor market weakness prompting Fed rate cuts, while also observing strong consumer resilience and government stimulus [46][47] - The company expects to adjust hedges to lock in lower funding costs and prepare for potential rate hikes following anticipated Fed cuts [48] Other Important Information - The company raised $152 million in equity capital during the quarter, which was fully deployed into high-quality specified pools [29][43] - The weighted average price of the portfolio increased to over $101, indicating a premium position [72] Q&A Session Summary Question: Any macro factors that might change overall risk positioning? - Management indicated that if the Fed continues to cut rates and the economy rebounds, they might consider increasing leverage [51][52] Question: View on payouts upside potential with refi momentum? - Management noted that payouts have increased sharply recently, but they do not expect to return to the high levels seen in 2020 or 2021 [54][55] Question: Scenarios for dollar roll specialness returning? - Management expressed skepticism about the return of dollar roll specialness, citing the Fed's focus on buying Treasuries and bills rather than mortgages [61][62] Question: Supply and availability for longer-dated repo? - Management mentioned that spreads for longer-dated repo are currently too wide, but they are opportunistically looking to lock in funding [63][64] Question: Percentage of portfolio covered with call protection? - Almost 100% of the portfolio has some form of call protection, which is expected to mitigate risks in a declining rate environment [72]

We've seen the ten year. Good morning. Seeing the technique push through, then through that 4% level, we're at 3.9%, 7% right now.Shutdowns can be good for treasuries. What are we expecting to see. What are you watching for next when it comes to Treasury markets.Yeah, absolutely. So what you've seen over the past few months is the rally in Treasuries has largely been because you've priced in more Fed easing. I think also it's very true that the US government bond market has returned as the safe haven of cho ...

Group 1 - The inverse relationship between bond prices and yields is crucial for fixed income investors, particularly in the context of Federal Reserve actions [1][2] - The Neuberger Berman Flexible Credit Income ETF (NBFC) is positioned to benefit from Fed easing, as it includes both investment-grade and high-yield corporate debt [2][4] - Options-adjusted spreads (OAS) provide insights into risk and volatility in the credit markets, highlighting the differences between investment-grade and high-yield bonds [3][5] Group 2 - Junk bonds are particularly sensitive to interest rate changes, and their performance this year reflects expectations of Fed easing [4][6] - The volatility in high-yield corporate debt is generally higher than in investment-grade corporates, which justifies the higher yields investors receive [6][7] - The management of NBFC can help mitigate concerns regarding volatility, as the team actively manages the fund to navigate market conditions [7][8]