Archive for October, 2014

Financial Times – 10/17/14

October 21, 2014  |   Financial Times,In the News   |     |   0 Comment

Michael Kastner, managing principal at Halyard Asset Management says: “There is a view that the Fed will lose its nerve given all the market volatility.” Central bankers had already forfeited markets’ full confidence before this week; now they are starting to be intimidated by them. Wild price swings are flashback to crisis

Financial Times – 10/16/14

October 21, 2014  |   Financial Times,In the News   |     |   0 Comment

“Margin is a concern and can certainly result in you being taken out of a trade,” says Michael Kastner, managing principal at Halyard Asset Management. But there are silver linings. One resides in companies’ hefty stock buy back programmes, says Mr Kastner. “I’m constructive on the share market as companies have a mandate to buy back their stock, and many of the large-caps in the S&P can be aggressive.”

September 2014 Monthly Commentary

October 14, 2014  |   Monthly Commentary   |     |   0 Comment

September 2014 Bond investors turned cautious last month, reversing the upward trend in price witnessed for much of this year. As the Federal Reserve meeting concluded on September 17th, investors were hungry for clues as to when the FOMC would move to raise interest rates. Instead, the Fed further confused matters with the announcement that they would expand the Overnight Reverse Repurchase program (ON RRP) to $30 billion per counterparty, but cap the overall size at $300 ...

Employment Growth on Sustainable Path

October 08, 2014  |   Uncategorized   |     |   0 Comment

Below is a chart, we think you might find interesting.   We plot the total number of employees counted in the non-farm payroll survey (left scale 000s) and the number of Job openings (right scale, 000s) as tracked by the BLS’ JOLTs survey. Key observations: Number of Job openings has surpassed last previous peak Number of employees on the non-farm survey has surpassed the previous peak (when we were in the midst of a housing and construction bubble) Rate of ...