Archive for December, 2012

November 2012 – Commentary

December 18, 2012  |   Monthly Commentary   |     |   0 Comment

At first glance, economic and market activity in November was much as it has been throughout the year.  The economy continued to add jobs at a modest rate, and at a pace that isn’t meeting the growth target of the Federal Reserve.  Retail sales bounced back from the weaker level  witnessed in October, as the notorious “Black Friday” and “Cyber Monday” shopping days blended into a four day shopping spree.  Retailers garnered much attention with ...

Municipal Bond ETF

December 17, 2012  |   Monthly Commentary   |     |   0 Comment

As we have mentioned in the past, Bond ETFs can be a less efficient way to access the fixed income market. For the month of December, the largest Municipal Bond ETF has fallen 2.4% MTD compared to a 73bp decline for the market as a whole (as measured by the Barclay’s Municipal Index). The ETF went from averaging a 1% premium, (i.e. you pay more for the ETF than the bonds are worth) to a ...

Financial Times – 12/14/12

December 17, 2012  |   Financial Times,In the News   |     |   0 Comment

“The fiscal cliff does matter and markets should be worried,” says Michael Kastner, principal at Halyard Asset Management. Brace for a game of chicken on fiscal cliff    Login Required

Reuters – Instant View: November nonfarm payrolls rose by 146,000

December 07, 2012  |   In the News   |     |   0 Comment

MICHAEL KASTNER, PARTNER, HALYARD ASSET MANAGEMENT, WHITE PLAINS, NEW YORK "I'm kind of surprised. It's hard to figure out with what's going on with Sandy. The market was looking for something very different. Overall it's good to see. The payroll number is very encouraging. The bond players are not buying it though because the long end would have sold off more." Instant View: November nonfarm payrolls rose by 146,000