JUST IN: 🇺🇸 Federal Reserve Governor Stephen Miran says he expects another rate cut in December. ...

The Bank of England left its key interest rate unchanged Thursday, slowing but likely not ending a series of reductions in borrowing costs, as inflation remains stubbornly high despite a weak economy and a cooling jobs market https://t.co/0glZcj91Zr ...

Brazil held its key interest rate unchanged at a near two-decade high on Wednesday, underscoring the central bank’s resolve to stay tough on stubborn inflation. https://t.co/A7sf1jhYYf ...

Monetary Policy - Malaysia's central bank is expected to maintain its benchmark interest rate unchanged [1] - Stable economic growth, benign inflation, and a strengthening ringgit support the decision to preserve policy ammunition [1]

Core Insights - Money market funds continue to attract significant inflows, with $20 billion added last week, bringing total assets to approximately $7.4 trillion, while interest in money market ETFs is also growing [1] - Major financial institutions like JPMorgan, Vanguard, and Schwab are launching their own money market ETFs despite a low interest-rate environment, indicating a strong market interest [1] - The appeal of money market funds is attributed to relatively high yields of around 4% with perceived low risk, making them an attractive option for investors [2] Investment Characteristics - Money market funds are considered a safe investment due to their conservative holdings, which must have an average maturity not exceeding 60 days, as per SEC Rule 2a-7 [3] - However, most money market ETFs do not comply with Rule 2a-7, with only five such ETFs adhering to these regulations, highlighting a gap in the market [3] - The total assets in money market ETFs are over $5 billion, which is relatively small compared to traditional money market funds [3] Market Dynamics - Institutional investors hold $4.4 trillion, while retail investors have $3 trillion invested in money market funds, indicating broad market participation [4] - Government money market funds account for $6 trillion of the total investments, while prime money market funds represent approximately $1 trillion [4] - Predictions suggest that interest in money market funds may eventually decline as interest rates continue to fall, particularly with an anticipated 25 basis-point cut in December [3]

We have a restrictive rate. It didn't need to be at such a restrictive level as we are. This is a personal opinion of mine that I would say is that of many people today.It is not an isolated position. But anyway, there are those who think differently. I respect it, but I consider it an exaggerated restrictive rate.We could already start thinking signaling. Let's see the statement because sometimes the interest rate level can be maintained but sometimes the statement can signal. Let's see. Let's wait for eve ...

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net loss of $4.4 million, bringing year-to-date net income to $25.6 million [5][21] - Fully diluted book value per share decreased by 0.4% in the quarter to $18.9, but increased by 5.3% year-to-date [5][27] - The company achieved a record quarterly combined ratio of 86.6%, resulting in $22.3 million of underwriting income, which was 9.3 points better than the same period last year [5][21] Business Line Data and Key Metrics Changes - The Open Market segment reported a pretax income of $27.9 million, with net written premiums growing by 9.5% to $140.4 million and net earned premiums increasing by 14.1% [22][23] - The Open Market combined ratio improved by 10 points to 84.5% compared to 94.5% in Q3 2024, driven by a lower loss ratio and acquisition costs [23] - The Innovation segment grew net written premiums by 57.5% to $22.3 million, although net earned premiums decreased by $800,000 due to increased retroceded premiums [24][25] Market Data and Key Metrics Changes - The investment performance for the quarter resulted in a loss of $17.4 million, primarily due to the SolasGlass portfolio and unrealized losses in the Innovations investment portfolio [9][21] - The SolasGlass Fund returned negative 3.2% in Q3, while the S&P 500 Index advanced 8.1% [14] Company Strategy and Development Direction - The company is focused on one-on-one renewals, expecting to renew most of its non-casualty business and potentially grow [12] - The company anticipates continued strong organic growth from existing Innovations clients and attractive new business opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting portfolio's ability to deliver strong returns, despite a softening market [12] - The company believes it has made structural improvements that should allow it to earn a return on equity greater than its cost of equity [36] Other Important Information - The company repurchased 512,000 shares for $7 million during the first nine months of 2025, which has been accretive to book value per share [26] - The company reduced its debt leverage ratio to 5.3% from 9.5% at the beginning of the year [27] Q&A Session Summary Question: Update on the macro part of the SolasGlass Fund - Management maintains a core position in gold and is long SOFR futures, expecting the Fed to reduce interest rates more than the market anticipates [30][32] Question: Long-term future of the company - Management believes the company has made enough structural improvements to justify trading at or above book value and does not see liquidation as a solution [36]

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Core Viewpoint - A growing number of Federal Reserve officials express a preference for holding interest rates steady due to concerns about high inflation, indicating that further rate cuts may not be imminent [1][2]. Group 1: Federal Reserve Officials' Opinions - Kansas City Fed President Jeff Schmid emphasized that he is more concerned about inflation being "too high" than the current state of the job market, advocating for no rate cuts [1][2]. - Schmid stated that a 25-basis-point reduction in the policy rate may not effectively address labor market stresses, which he attributes to structural changes rather than monetary policy [2]. - Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack also indicated a preference for holding rates steady, supporting Fed Chair Jerome Powell's view that another cut in December is not guaranteed [2]. Group 2: Inflation Data - The Consumer Price Index (CPI) for September recorded an inflation rate of 3%, slightly below expectations but an increase from 2.9% in August [3]. - The core CPI, which excludes food and energy prices, also rose to 3% in September, down from 3.1% in the previous month [3]. - The Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation gauge, was estimated by Powell to be 2.8% based on CPI data, which was not released due to the government shutdown [4]. Group 3: Rate Decisions and Concerns - The Fed voted to lower its benchmark interest rate by 25 basis points for the second consecutive meeting, with Schmid dissenting in favor of holding rates steady [4]. - Atlanta Fed President Raphael Bostic, while supporting the quarter-point rate cut, expressed concerns about inflation remaining a significant issue that needs to be addressed to reach the 2% target [5][6].

The dollar climbed to the highest level in three months, propelled by a weakening yen and the Federal Reserve pulling back from additional interest-rate cuts this year https://t.co/gEo82CkaiN ...