Word: mortgagee
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Americans struggling to find work, get a decent pay raise or buy a home must marvel at the peculiar worries of Bill Gross. A legendary investor, Gross runs the $76 billion Pimco Total Return bond fund. In recent weeks he has sold $6 billion in Treasury bonds, activity that has...
That's because long-term interest rates are set in the bond market, not by the Federal Reserve, which dictates short-term rates. Bond traders sell when they anticipate a pickup in inflation, which usually accompanies economic growth and erodes the value of their fixed interest payments. In the past...
There may be good news in all this. Much of the recent increase in interest rates has been technical--giant mortgage holders like Pimco, Fannie Mae, Freddie Mac, Chase and J.P. Morgan have been selling T-bonds in a complex strategy that helps to shield their vast mortgage holdings against...
As a professional financial planner, New Yorker Melissa Levine routinely helps clients guard against unpleasant surprises. But even she has been rattled by the wild ride that mortgage interest rates have taken recently. Since setting out in early June to refinance the loan on her co-op apartment, Levine has...
Bond traders can be a perverse group. A whiff of economic recovery had Wall Street pushing bond yields skyward (and prices downward) even before last week's report that GDP grew at a surprisingly strong annual rate of 2.4% in the second quarter. Now even stronger growth is widely expected...