March 2013 For the month of March, the bond market was as volatile as the weather in the Northeast, with prices plunging with the falling late winter snow and rising into month end as the mercury began to rise. During the month, economic activity was decidedly upbeat, surprising investors who were prepared for a […]
Michael Kastner, a principal at Halyard Asset Management, said US Treasury yields look vulnerable if economic data surprises positively. “Traders and real money investors are looking to lessen their interest rate sensitivity, and are looking at floating rate notes and short dated bonds,” he said. More bond investors bet on US rate rise
Could it happen here? The recent news that the government of Cyprus is considering a one-time tax on the saving deposits held at Cyprus based banks is yet another example of the riskiness of holding more than a nominal amount of cash in a bank account. While Cyprus if far different from the United States, […]
February witnessed a reversal in market sentiment as the bond market stabilized and equities continued their upward trajectory. Performance of the capital markets in February reminds us of the memorable line from the 1978 college frat-party movie, Animal House, in which Dean Wormer advises “Flounder” that “…fat, drunk, and stupid is no way to go […]
“The equity market looks a little bit expensive, with some blue-chips trading at frothy levels, especially as earnings expectations continue coming down for this year,” says Michael Kastner, principal at Halyard Asset Management. “I am sceptical about some of the bullish analysts’ earnings forecasts, and there is a big question over the profits outlook for […]
“If we focus back on the sequester, we could actually see yields fall a little more before getting to higher levels,” said Michael Kastner, principal at Halyard Asset Management. Mediocre Sale Sets Treasurys Back for Third-Straight Session
Despite the ongoing effort of the Federal Reserve to manipulate bond prices higher, the market experienced a mild bear market in January. For the month, the price of the benchmark 30-year Treasury note fell more than 4% as investors reallocated money out of bonds and into stocks. The selling was disproportionately focused on maturities of […]
“It’s been a one-way street for a long time,” says Michael Kastner, principal at Halyard Asset Management. “This time last year it was a lot easier to buy investment grade bonds, but now rates are very low. You don’t need to see rates rise that much in order to erode a small coupon.” Investors face […]
“The Street has less appetite for bonds, and when ETFs need to sell, there is potential for an ugly reversal,” says Michael Kastner, a principal at Halyard Investment Management. “As rates move higher we will start to see investment managers sell lower-quality paper.” Fears grow over investment-grade debt
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