Steven J Cohen CFA Newsletter Q1 2022

Economy & Capital Markets: On March 16th the Fed raised: the effect Federal Funds Rate to an average of 3/8th %, with a projection for the year-end of 1.9% and, 2.8% by end 2023. The long end of the bond market sold off in response. On 24th February, Russia launched an large-scale invasion of Ukraine, …

Steven J Cohen CFA Newsletter Q4 2021

Economy & Capital Markets: On December 15th the Fed indicated that: Treasury and mortgage bond purchases are to end in mid-March 2022, and its benchmark interest rate will rise to 0.9% by the end of 2022 and then onto 1.6% by the end of 2023. Both the stock market and treasury yields maintained their range. …

Newsletter Q3 2021

Economy & Capital Markets: In September the US Fed, revised expectations of 2021 growth down to 5.9% and inflation up to 4.2% whilst, indicating the Federal Funds rate will rise to 0.3% in 2022 and then to 1% in 2023. The Peoples Bank of China views: contact-based consumption constrained, problems for small businesses and manufacturing …

Steven J Cohen CFA Newsletter Q2 2021

Economy & Capital Markets: In June the US Fed, improved expectations of 2021 growth to 7% and inflation to 3.4% and, indicated that they expect to increase interest rates to 0.6% in 2023, a long way off. The PB of China views: resident consumption constrained, problems for small businesses and fiscal imbalances for several regional …

Kings Portfolio Newsletter Q1 2021

Economy & Capital Markets: During the period yields on the 10 year US Treasury increased to 1.76% from 0.67% a year ago, but 1 year bill yields fell to 0.07% from 0.15%, whilst the US Federal Reserve projected inflation for 2021 of 2.4% falling back to 2% next year. With negative real yields across the …