Core Viewpoint - The fixed income market indicates that investors are not overly concerned about the ongoing government shutdown, as evidenced by stable bond yields and tight credit spreads [2][4][3]. Fixed Income Market Insights - Fixed income markets are currently stable, with no significant flight to quality observed, contrasting with stock market movements [2][3]. - Both short-term and long-term yields are trading within a range, suggesting a lack of investor anxiety regarding potential economic impacts from the shutdown [3][4]. - Credit spreads for both investment-grade and high-yield bonds remain tight, indicating confidence in corporate bond investments despite the shutdown [4]. Federal Reserve Rate Cuts - Federal Reserve rate cuts primarily affect short-term yields, with Treasury bill yields expected to decline in anticipation of these cuts [6][7]. - Long-term yields, such as the 10-year Treasury, are less directly influenced by Fed actions and are more aligned with long-term growth and inflation expectations [7][8]. - Current inflation rates are around 3%, above the Fed's target, which may prevent long-term yields from falling significantly even if rate cuts occur [8][9]. Economic Implications of the Shutdown - The longer the government shutdown persists, the greater the risk to the economy and global markets, particularly regarding the Fed's ability to assess economic conditions [13][16]. - The absence of key economic data, such as job reports, complicates the Fed's decision-making process and may lead to uncertainty in future monetary policy [15][16]. - If the shutdown continues and data releases are missed, it could create a more uncertain economic outlook, impacting the Fed's policy decisions [16].

Core Insights - The Federal Reserve has cut its federal funds rate three times in 2024 and announced its first rate cut for 2025, indicating a potential decline in competitive CD rates in the near future [1] - The best CD rates are currently found in shorter terms, particularly around one year or less, with online banks and credit unions leading in offering competitive rates [2] CD Rates Overview - As of September 27, 2025, the highest CD rate available is 4.45% APY from LendingClub for an 8-month CD [2] - The interest earned from a CD is determined by the annual percentage rate (APY), which reflects total earnings after one year, factoring in the base interest rate and compounding frequency [2] Interest Earnings Examples - An investment of $1,000 in a one-year CD at 1.70% APY with monthly compounding results in a total balance of $1,017.13 after one year, yielding $17.13 in interest [3] - Conversely, a one-year CD at 4% APY would grow the same $1,000 investment to $1,040.74, resulting in $40.74 in interest [3] Deposit Impact on Earnings - Increasing the deposit amount in a CD significantly enhances potential earnings; for instance, a $10,000 deposit in a one-year CD at 4% APY would yield a total balance of $10,407.42, translating to $407.42 in interest [4] Types of CDs - Various types of CDs offer different benefits, which may include: - **Bump-up CD**: Allows for a one-time request to increase the interest rate if the bank's rates rise during the term [4] - **No-penalty CD**: Provides the option to withdraw funds before maturity without incurring penalties [4] - **Jumbo CD**: Requires a higher minimum deposit (typically $100,000 or more) and often offers higher interest rates, though the difference may be minimal in the current environment [4] - **Brokered CD**: Purchased through a brokerage, potentially offering higher rates or flexible terms, but may carry more risk and lack FDIC insurance [4]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The adjustment of the 14D OMO reverse - repurchase tender method can better stabilize the short - end fluctuations of the yield curve and maintain the abundance of bank system liquidity [2]. - It is expected that 14D OMO operations will be more frequent than before, and the first 14D OMO operation after the change of the tender method may be carried out on September 22, 2025 [2]. - Attention should be paid to real - time DR and CD interest rates rather than privately inquired winning bid rates of 14D OMO, as the latter contains limited monetary policy information and is often lagging [3]. - Moderately narrowing the interest rate corridor can reduce DR fluctuations and improve the efficiency of interest rate regulation, and currently, there are basic conditions to narrow the interest rate corridor by moderately reducing the SLF interest rate [3][4]. 3) Summary by Relevant Catalogs Event - On September 19, 2025, the People's Bank of China announced that, starting from that day, the 14 - day reverse - repurchase operation in the open market would be adjusted to fixed - quantity, interest - rate tender, and multi - price winning bids [1]. Comment - The 7D OMO interest rate is the main policy interest rate in China. The new combination of 7D OMO (fixed - interest, quantity tender) and 14D OMO (fixed - quantity, interest - rate tender, multi - price winning bids) can better stabilize the short - end fluctuations of the yield curve and maintain the abundance of bank system liquidity [2]. - It is expected that 14D OMO operations will be more frequent than in previous years, not limited to before the Spring Festival and National Day. The first 14D OMO operation after the change of the tender method may be carried out on September 22, 2025. In the future, some investors may be interested in privately inquiring about the winning bid rate of 14D OMO, but these rates contain limited monetary policy information, and attention should be paid to real - time DR and CD interest rates [2][3]. - 7D and 14D OMO are the "new partners" for maintaining liquidity abundance, and the interest rate corridor is the "old assistant" for suppressing short - end fluctuations. Moderately narrowing the interest rate corridor can reduce DR fluctuations and improve the efficiency of interest rate regulation. There are two ways to narrow the interest rate corridor: the natural compression when the 7D OMO interest rate and SLF decline together, and the reduction of the spread of the SLF interest rate above the OMO interest rate [3]. - Currently, there are basic conditions to narrow the interest rate corridor by moderately reducing the SLF interest rate. From May to August 2025, the SLF operation volume was much smaller than the inter - bank pledged repurchase trading volume. The minimum value and 10% quantile of the spread between the 7D SLF and DR007 from early 2024 to September 19, 2025, were at a moderate and relatively large level [4].

Core Insights - The Federal Reserve has cut the federal funds rate three times in 2024, making it a critical time for investors to lock in competitive CD rates before potential further declines [1] - The highest CD rate currently available is 4.45% APY, offered by LendingClub for an 8-month CD as of September 20, 2025 [2] Summary of CD Rates - Best CD rates are generally found in shorter terms of around one year or less, with online banks and credit unions leading in competitive offers [2] - The interest earned from a CD is determined by the annual percentage rate (APY), which reflects total earnings after one year, factoring in the base interest rate and compounding frequency [2] Interest Earnings Examples - An investment of $1,000 in a one-year CD at 1.70% APY would yield a total balance of $1,017.13 after one year, with $17.13 earned in interest [3] - Conversely, a one-year CD at 4% APY would grow the same $1,000 investment to $1,040.74, resulting in $40.74 in interest [3] Impact of Deposit Amounts - Increasing the deposit amount in a CD significantly boosts potential earnings; for example, a $10,000 deposit in a one-year CD at 4% APY would result in a total balance of $10,407.42, earning $407.42 in interest [4] Types of CDs - Various types of CDs offer different benefits, including: - **Bump-up CD**: Allows for a one-time request to increase the interest rate if the bank's rates rise during the term [4] - **No-penalty CD**: Provides the option to withdraw funds before maturity without incurring a penalty [4] - **Jumbo CD**: Requires a higher minimum deposit (typically $100,000 or more) and may offer higher interest rates, though the difference from traditional CDs may be minimal in the current environment [4] - **Brokered CD**: Purchased through a brokerage, potentially offering higher rates or flexible terms, but may carry more risk and lack FDIC insurance [4]

Partnerships & Marketing - DoorDash partners with Cardi B to offer signed CDs or vinyls of her new album, "Am I the Drama" [1] - The partnership includes a virtual shop called the Cardi B Cardi Bodega, featuring Cardi B's favorite snacks and beverages [1]

Summary of Alliance Entertainment Holding Corporation Conference Call Company Overview - **Company**: Alliance Entertainment Holding Corporation (NasdaqCM:AENT) - **Industry**: Distribution of entertainment products including toys, collectibles, music, movies, and video games [2][3] Core Business Model - Alliance Entertainment operates as a stocking distributor, providing e-commerce fulfillment and drop shipping services to independent and chain retailers [2][3] - The company manages a wide selection of over 340,000 SKUs from major suppliers in the entertainment sector [2][3] Financial Performance - **Revenue**: Over $1 billion, with a breakdown as follows: - Vinyl: 32% (~$320 million) - Gaming: 24% (~$240 million) - Movies (DVD, Blu-ray, UHD): 26% (~$260 million) - CDs: 12% (~$120 million) [5][6] - **Earnings Per Share (EPS)**: Increased from $0.05 to $0.11, more than doubling despite a slight revenue decline [9] - **Gross Profit**: Increased from $11.4 million to $15.8 million year-over-year [9] - **Adjusted EBITDA**: Significant growth noted, contributing to stock performance [9] Growth Drivers - Licensing agreements with major studios like Paramount have boosted revenue and gross profit margins [6][7][14] - The company has a strong focus on operational efficiency, including investments in automation (e.g., AutoStore system) that reduced labor costs significantly [11][22] - Direct-to-consumer fulfillment accounts for 40% of the business, enhancing revenue streams [12][33] Market Trends - Vinyl sales are experiencing a resurgence, with significant consumer interest in physical media as collectibles [35] - The company capitalizes on events like Record Store Day, shipping over 600,000 units during the latest event [12] Strategic Initiatives - Alliance Entertainment is exploring further licensing opportunities and potential acquisitions to enhance its market position [25][32] - The company aims to maintain gross profit margins above 15% while expanding its top line through strategic growth initiatives [25] Financial Health - The company has reduced its line of credit from $70 million to $55 million, with expectations to lower it further [21] - Interest expenses are decreasing, and the company is in the process of refinancing for better rates [22] Insider Ownership - Insiders own approximately 77% of the company, indicating strong alignment with shareholder interests [19] Analyst Coverage - Maxim has initiated coverage with a target price of $10, while the stock is currently trading above $7 [22] Conclusion - Alliance Entertainment is positioned for growth through strategic licensing, operational efficiencies, and a focus on consumer trends favoring physical media. The company is actively seeking opportunities to expand its market presence while maintaining strong financial health.

Tesla’s wild ride could deliver huge gains—or sharp losses. A 4.50% CD, on the other hand, promises certainty. Here’s what that trade-off looks like. https://t.co/CAffyy79Wk ...

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Interest Rates - CD shoppers can find a nation-leading guarantee of 4.60% for 19 months [1] - 16 certificates offer at least 4.50% in terms ranging from 6 to 21 months [1]

Financial Data and Key Metrics Changes - Ameriprise reported adjusted operating EPS increased by 7% to $9.11, with a strong margin of 27% [22] - Adjusted operating net revenues increased by 4% to $4.3 billion, driven by asset growth and strong transactional activity [22][24] - Return on equity remains high at 52%, among the best in the industry [7][20] Business Line Data and Key Metrics Changes - Wealth Management adjusted operating net revenues increased by 6% to $2.8 billion, benefiting from strong net inflows and market appreciation [28] - Client assets grew to a record $1.1 trillion, up 11%, with total WRAP assets increasing by 15% [9][26] - Asset Management total assets under management and administration increased to $690 billion, up 2% year-over-year and 5% sequentially [15][31] Market Data and Key Metrics Changes - Assets under management, administration, and advisement reached a new high of $1.6 trillion, reflecting strong client flows and equity market appreciation [7][24] - The bank's total assets increased by 6%, with good loan growth driven by new product launches [12] Company Strategy and Development Direction - The company is focused on significant investments in client experience, technology, digital capabilities, and AI to enhance productivity and client engagement [8][10] - Ameriprise aims to maintain a strong balance sheet while returning capital to shareholders, targeting an 85% payout ratio for the second half of the year [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and competitive strengths of the business despite market volatility and economic uncertainties [6][21] - The company anticipates continued growth opportunities from cash holdings on the sidelines and strong client engagement [9][10] Other Important Information - Ameriprise was recognized for outstanding overall satisfaction and quality of advice, receiving accolades from Kiplinger's and Fortune [21] - The company maintains a strong excess capital position of $2.3 billion above regulatory requirements [34] Q&A Session Summary Question: Drivers of software flows in 2Q and indications of NNA reaccelerating - Management noted that flows were impacted by tax payments and market conditions but started to recover later in the quarter [37][38] Question: Year-on-year trajectory for AWM distribution expense - Management indicated that distribution expenses are influenced by advisor productivity and compensation structures, with some rational behavior observed in the market [39][41] Question: Recruiting strategy and market outlook - Management highlighted a focus on selling the total value proposition to advisors, emphasizing productivity and support rather than just competitive packages [46][48] Question: Update on annuities and their positioning - Management confirmed continued interest in structured annuities and those without living benefits, aligning with clients' retirement needs [50][51] Question: Share buybacks and payout ratio expectations - Management stated that the target payout ratio is 85%, with the potential for adjustments based on shareholder interests [56] Question: Competitive environment and advisor growth expectations - Management confirmed that advisor numbers are growing, with a focus on maintaining productivity and quality rather than just increasing headcount [60][62] Question: Risk transfer updates and investment income - Management noted improvements in life claims contributing to profitability, with no current strategic risk transfer opportunities identified [64][66] Question: Bank and credit union pipeline updates - Management expressed confidence in the bank's pipeline and ongoing efforts to secure deals [81][82] Question: Asset management flow performance and outlook - Management acknowledged higher redemptions but noted good underlying sales and product development initiatives [88][90] Question: Balancing human capital addition versus automation - Management emphasized ongoing investments in technology and AI to enhance advisor capabilities while managing expenses [91][93] Question: Pipeline opportunities across affiliation channels - Management confirmed a broad recruitment strategy focusing on appropriate advisors and a strong pipeline for the upcoming quarter [99][100]