Word: longer-term
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...current extreme, bond-investor fear is myopic. In striving to avoid the falling stock market and the downdraft of the economy, investors are all but ignoring the longer-term inflationary implications of a monetary easing and explosive growth in U.S. government spending and what it could ultimately mean to bond yields. At Thursday's close, for example, the 30-year T-bond was yielding 3.07%, implying investor expectations for stable prices for decades to come. Inflation-protected Treasuries, known as TIPS, are yielding so little that money managers say they imply investor expectations for a deflationary environment for the next...
...that outflow of deposits is also part of a longer-term trend away from corporate credit unions. When the corporates were set up in the 1970s, they were meant to provide the liquidity that retail credit unions couldn't get elsewhere. As the era of deregulation descended on the financial-services industry, though, retail credit unions were increasingly able to fund themselves directly in the capital markets. To stay competitive, corporate credit unions knew they had to pay higher yields - and that meant riskier investments. "Over time they morphed into something more like investment banks," says Charles Felker, a managing...
...study suggests that screening all patients for CRP (a $10 test) as well as for cholesterol and blood pressure would not be unwise, or perhaps the test should be used for patients with indeterminate heart-disease risk, who may derive benefit from taking a statin. Longer-term trials are still needed, however, to show whether the benefits of statins outweigh their potential side effects - the drugs are relatively benign, but they are known in rare cases to cause debilitating side effects such as muscle weakness (which forced Bayer to pull its version off the market in 2001). There...
...November 2002, during his first stint on the Fed - as a mere member of the board, not the chairman - Bernanke gave a now somewhat infamous speech about what central banks could do to fend off deflation even after short-term interest rates hit zero. The Fed could target longer-term interest rates, he argued. It could buy private securities, not just Treasuries. It could, figuratively speaking, drop money out of helicopters...
...covering a breaking crisis isn't easy, especially for book publishers, as editors call for rewrites or dramatic changes in the publishing lag time. "There seems to be two approaches: do it quickly or wait and take the longer-term view," says Will Weisser, associate publisher of Portfolio, a Penguin imprint, who says most of their business authors are being asked to expedite books already under way. One is Eric Janszen, whose The Post Catastrophe Economy, a historical account of the economy and where it is headed, was supposed to be published in August 2009. With the crisis deepening, Portfolio...