Word: fasts
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Dates: during 1990-1999
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...biggest spoils have gone to aggressive investors who own "zeros," which rise and fall about twice as fast as regular T-bonds. Zeros, up 9.3% in the third quarter, aren't as exotic as they sound. You may know them as TIGERS (Treasury income growth receipts) from Merrill Lynch or CATS (certificates of accrual on Treasury securities) from Salomon Smith Barney. Basically, a zero is a bond that pays no current interest and is sold at a deep discount to its face value. The interest payments are built into the price at which the holder redeems the bond when...
...here, the T-bond yield would have to drop to about 4%. A further tumble sounds incredible, I know. You have to recognize zeros as an aggressive bet. But it could pay. Inflation, the greatest threat to bondholders, is truly dead, and the world and U.S. economies are weakening fast--developments that argue for lower rates...
DIED. JEROME WEIDMAN, 85, novelist and playwright who depicted Big Apple archetypes from fast-talking garmentos to frenetic politicians; in New York City. His works include the musical Fiorello!, about Mayor Fiorello La Guardia, for which he won a Pulitzer Prize...
PARISIANS ON THE FAST TRACK...
Though 50 m.p.h may not sound very impressive, it's a swift clip for a subway train in Paris--or anywhere else. That's how fast the new Meteor Metro will travel when it begins operation this week. Don't look for a driver. These trains are robots, controlled from a command post under the City of Light...