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Summary Statistics Data Frequency n Mean Standard JB ADF Lags Deviation Treasury Daily 13 028 5.1755% 2.8327% 4048 ** -2.7421 221 bill yield Weekly 12 721 5.1815% 2.8336% 831 ** -2.5218 42 Monthly 625 5.1816% 2.8326% 183 ** -2.3816 12 Federal Daily 18 873 5.7133% 3.4039% 7496 ** -2.2553 211 funds rate Weekly 12 695 5.7135% 3.3899% 1026 ** -2.4260 52 Monthly 619 5.7149% 3.3827% 222 ** -2.4230 11 Explanation: Exhibit 5 contains descriptive statistics of three-month U.S. Treasury bill yields and Federal funds rates.
After all, it's hard to argue that the large and liquid U.S. treasury bill market contributes to U.S.
Today, this shows up as investors' extrapolating of the historically highest volatility' of 2008 into [the future]." As a result of this flawed reasoning, perceived safe havens have reigned supreme as evidenced by huge flows into bonds, gold, U.S. Treasury bills, and hedge funds.
But no one obliged China to buy hundreds of billions of dollars of U.S. Treasury bills and bonds.
The company still has $213 million of the securities on its books, and says it has put its cash in U.S. Treasury Bills and Treasury-backed securities.
According to Pocha, one of the reasons that the United States had to prop up Fannie Mae and Freddie Mac was that so many foreign governments had invested their surplus in U.S. Treasury bills and in U.S.
dollar-denominated assets, particularly U.S. Treasury bills and bonds of the U.S.
Saudi Arabia has, over the past three decades, kindly recycled the cash sucked from the wallets of American SUV owners and sent much of the loot right back to New York to buy U.S. Treasury bills and other U.S.
Importing manufactured goods from China has hardly stalled America's economy, and the willingness of China's central bank to buy U.S. Treasury bills effectively allows this country to live beyond its means.
interest rates are expected to rise this year, which prompts global investors to shift investment out of emerging markets like Latin America and into less-risky U.S. Treasury bills. Higher interest rates in the United States also make Latin America's dollar-denominated debt more expensive to service.
Interestingly, foreigners are purchasing about two-thirds of the IOUs we are issuing for this debt in the form of U.S. Treasury bills.
Table 3 Six-month Forecast of Three-month U.S. Treasury Bills Date of Forecast Forecast Actual Error Year-end 1999 5.6% 5.9% -0.3% Mid-year 2000 6.1% 5.9% 0.2% Year-end 2000 5.4% 3.6% 1.8% Mid-year 2001 3.4% 1.7% 1.7% Year-end 2001 1.9% 1.7% 0.2% Mid-year 2002 2.2% 1.2% 1.0% Source: Wall Street Journal Table 4 Interest Rate Spreads and Economic Trends Market Spread 1999 2001 2003 Mid-2004 Yield Curve 0.3% -0.9% 2.9% 3.6% Low-grade Corporate 4.6% 8.2% 6.8% 2.9% Source: The Wall Street Journal and Global Indicators written monthly by the author.

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