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The University of Texas at Arlington |
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HOME PAGE—Greg Feigel
c/o Department of Finance & Real Estate, College of Business Administration
Dept. main address: UTA Box 19449, Business Building, 4th Floor, Room 434 701 S. West Street Arlington, TX 76019
Dept. main telephone number: (817) 272-3705
INTERN PROGRAM COMPANIES AND STUDENTS —general information (active intern courses, this semester, see below) > COURSES THIS SEMESTER
OFFICE HOURS By appointment—generally the best time is immediately after a scheduled lecture.
INFORMATION and LINKS to PREVIOUS SEMESTERS This information is generally removed within a week of grade submissions. Contact me directly by email should you have any questions.
GENERAL POLICIES You are expected to know university policies regarding academic honesty and integrity, as well as all other rules and regulations regarding behavior and comportment.
I use technology tools extensively (BlackBoard for collaboration and contact, MS Office Suite—specifically Excel—in and out of class, etc.). You should have some broad familiarity with these tools. See course content details.
COURSES THIS SEMESTER The homepages for courses scheduled for this semester can be accessed by clicking on the links below. Links for courses from previous semesters are disabled after grades are issued.
> FINA4320 > FINA4315 > FINA4393 GENERAL INFORMATION AND SERVICES The following are provided to aid in your general understanding of the economy and the job market:
> THE MARKET Updated regularly—THIS IS AN ONGOING SNAPSHOT OF THE DFW FINANCE & ACCOUNTING JOB MARKET (high-end jobs). Sources include trade association networks, RSS feeds, etc.
> THE YIELD CURVE Updated monthly—THIS IS A GRAPHIC IDENTIFYING PATTERNS IN THE YIELD CURVE based on Wall Street Journal reporting of the ‘Treasury Bonds, Notes and Bills’ market. THIS SPREADSHEET HAS AN EMBEDDED MACRO—ACCEPT IT TO VIEW THE GRAPH. > RELEVANT CURRENT EVENTS Updated regularly—these are important events occurring this school year (generally I list only those things that are unusual and occur once every 4-5 years or longer): 1/11/13-WSJ Online. The U.S. trade deficit in Nov., excluding petroleum products, increased 15.8% to $48.73B, the highest in 5 years. The inflation-adjusted deficit, at $51.91B, also hit a 5-year high. 1/9/13-Financial Times Online. The VIX dropped to 13.2, its lowest level in 5 1/2 years. 1/8/12-WSJ Online. Eurozone unemployment in Nov. 2012 hit a new record, 18.82MM people, 11.8%. 1/6/13-WSJ Online. Live cattle for Feb. delivery at the Chicago Mercantile Exchange reached an all-time closing high of $1.3385 a pound Thursday, eclipsing the previous record set last March 12/31/12-WSJ-C.8. Lumber futures hit an 8-year high, $392.80 per 1,000 board feet. 12/30/12-Financial Times Online. Global debt issuance by banks for 2012 at $1.26T is the lowest since 2002, per Dealogic. 12/24/12-WSJ-A.1,A.3. 3Q consumer debt payments at 10.6% of after-tax income is the lowest since 1983, per the Federal Reserve. 12/21/12-WSJ-A.1,A.3. 3Q GDP grew at a 3.1% rate 12/20/12-Financial Times Online. World corporate debt issues hit a record in 2012 as the yield on the Barclays US High-Yield Index, which moves inversely to prices, hit an all-time low of 6.07%. Per Dealogic, corporate bond issuance was a record $1.71T in 2012 beating the 2009 record and up 46% per cent from 2011. 12/19/12-WSJ Online. The National Association of Home Builders confidence index for single family homes, at 47, is the 8th consecutive increase and a 6-year high. An index of 50 is considered good. 12/18/12-WSJ-C.2. According to Equity Research Desk, 3Q share trading on US exchanges was 5.9B aver- age per day, the lowest in 5 years. 12/11/12-WSJ-C.4. 2012 corporate debt issues at $1.025T set a new record even before end-of-year. 12/5/12-WSJ-B.2. US oil output in Sept. near a 15-year high. 12/2/12-Financial Times Online. Wholesale grain prices in the UK reached record levels, and the country is expected to be a net importer at the highest level in 32 years. 11/30/12-WSJ-A.1. US birth rates have fallen to record low levels. 11/28/12 WSJ-C.4. The China stock market (Shanghai) closed at 1991.17, the lowest since 1/23/2009. 11/16/12-WSJ-C.2. US mortgage rates fell to new record lows, according to Freddie Mac, 30-year fixed: 3.34%, 15-year fixed: 2.65%. 11/19/12 WSJ Online. According to the National Association of Realtors, existing home sales were up in October for the 16th straight month, and the inventory of existing homes for sale fell to 2.14 MM, the lowest level since December 2002, a 5.4-month supply at current sales and the lowest since February 2006 - U.S. home builders' confidence rose for the 7th consecutive month in November to its highest level in 6˝ years, the National Association of Home Builders said Monday. 11/7/12 WSJ-A.21. Eurozone unemployment rose to a record 11.6% in October. 10/31/12 WSJ Online. Unemployment in the Eurozone hit 11.5% in August, a record (tracking began in 1995), or 18.49MM people. Youth unemployment at 23.3% was also a record. 10/26/12 WSJ Online. Unemployment in Spain hit a record 25.02% in 3Q12. - WSJ A.10. The Euro-based Netherlands Bureau for Economic Policy Analysis (“CPB”) said world trade volume declined .4% in July, the third straight drop and the longest down streak Since Nov. 2008. 10/22/12 Natl. Review. A Congressional Research Service report shows that means-tested welfare spending in the US hit a record $927.3B in 2011, a record and up 30% since 2008 and on a pace to exceed $1T in 2012. 10/18/12-WSJ-A.1. US violent crime rose 18% in 2011, the first increase in nearly 20 years. 10/17/12 WSJ Online. Residential construction in September, at 872,000 units, is the highest since July, 2008. 10/13/12 WSJ-A.3. The Thompson/Reuters/Univ. of Michigan index of consumer confidence rose in early October to 83.1, the highest since September 20007. - B.4. The Chinese Yuan-to-$ rate, at 6.2640 per $, is the highest since 1994. 10/11/12 Reuters. September was the driest in 118 years of U.S. record keeping for North Dakota, South Dakota and Montana and was the 3rd driest September for Nebraska and Oregon, said Mark Svoboda, a climatologist with the University of Nebraska's National Drought Mitigation Center. 10/10/12 WSJ,B.1. Corporate issues of 30-year investment grade debt at $91.9B 2012 YTD is higher than any full year since 1995, per Dealogic. 10/9/12 NYT Online. For the first time since researchers began tracking the religious identity of Americans, fewer than half said they were Protestants, a steep decline from 40 years ago when Protestant churches claimed the loyalty of more than two-thirds of the population. This according to the Pew Forum on Religion and Public Life. 20% of Americans say they are atheist or agnostic, a significant jump from 15%, 5 years ago. 10/6/12 WSJ-A.1. US Sept. unemployment rate at 7.8% was lowest since 1/2009. The ‘participa- tion rate’, at 63.6%, remains at a 30-year low for all of 2012. 10/3/12 WSJ-A.1, B.2. US auto sales hit a 4-year high in Sept., at a 14.94MM annualized rate. 10/4/12 WSJ-A.1, 1.10. The US fertility rate fell to the lowest rate on record (from 1920) to 6.3%, according to the Center for Disease Control and Prevention. 10/3/12 WSJ-A.1, B.2. According to Autodata Corp, sales of cars in the US rose to an annual rate of 14.94MM vehicles, the highest since 3/2008. 10/1/12. WSJ.C.9. According to S&P LCD, Texas Instruments and Unilever recently sold 3-year bonds at a record low .45%. 9/26/12. WSJ-A.1, A.4. Home prices rose at the strongest year-to-year gain in the year ended July 31, up 5.9% and the greatest change since 2005 (per Case-Shiller). - Consumer spending increased last year by 3.3%, the fastest rate since 2006 per the Labor Dept. Spending on food at $6458 per person was the highest since 1984. 9/26/12. McClatchy. National SAT reading scores fell to 496, the lowest in 40 years, the writing score was the lowest on record at 488 (since 2006). 9/19/12. WSJ-A.1, A.4. Mortgage loans fell to a 16-year low in 2011, 7.1MM vs. 6.2MM in 1995, according to the FED. This is 64% below the peak reached in 2006. 9/13/12. WSJ-A.1. US household income fell to $50,054, the lowest level since 1995 per the Census Bureau. 9/6/12. WSJ Online. The NASDAQ hit 3135.81, its highest level since November 2000. 9/4/12. WSJ Online. Eurozone unemployed reached a record 18MM, or 11.3%. - The USDA reported the nations cattle herd shrunk to the lowest level in 60 years as prices on the April live cattle futures rose to a record $1.1807/lb. 8/30/12. WSJ Online. Soybean futures closed at a record $17.7025 a bushel on the CBOT, up 48% this year. 8/29/12. Reuters Online. Private sector deposits at Spanish banks fell by almost 5% in July, the biggest monthly drop since the data began in 1997, according to the ECB. 8/28/12. WSJ-A.11. Spanish unemployment in 2Q at a record, slightly under 25%. 8/24/12. WSJ Online. The Census bureau reports the inventory of new homes available for sale fell to 142K units, the lowest level recorded records began in 1963. 8/23/12. WSJ Online. WSJ Online. The Federal Housing Finance Assoc. reported 2Q home prices rose 1.8%, the highest quarterly jump since 4Q 2005. 8/15/12. WSJ Online. The National Association of Home Builders housing market index rose two points to 37 this month, the highest level since February 2007 8/13/12. WSJ Online. The value of auto loans outstanding at 2Q hit $725B, per Experian, 5.7% above a year ago and the highest level since 1Q09. 8/10/12. WSJ-A.7. Greek unemployment in May hit a record 23.1%. 8/11/12. NYT. The US slashed its estimate of the annual corn crop by 15.5% to its lowest level since 1995 8/7/12. WSJ Online. Home prices rose by their largest % in at least 7 years during 2Q, up 6% from 1Q, according to CoreLogic Inc., a Santa Ana, Calif., data firm. Separately, Freddie Mac, which uses a different methodology, said home prices during 2Q jumped by 4.8% from the previous quarter, the largest jump since 2004 8/1/12. WSJ Online. The Energy Information Administration said in its annual report that proven reserves of crude oil jumped by 13% in 2010, the highest % since 1977. The EIA estimates 25.2bbl crude reserves vs. 7bbl consumption, and 318tcuft of gas vs. 24tcuft consumption. 7/27/12. WSJ-C.4. 7-year treasuries sold at auction at a record low, .954%. 7/26/12. WSJ-A.1, C.4. Treasures hit a record low on the 10-year note, 1.393%. 7/24/12. WSJ-A.1, A.2, C.1. The yield on 30-year treasuries hit a record low, 2.479% - U.S. home prices 2Q rose from the year-ago period for the first time since 2007, up .2%, according to Zillow. Also, prices climbed 2.1% from the 1Q to 2Q, the largest such gain since the end of 2005. 7/19/12. WSJ-A.1,C.4. US corn and soybean prices hit records on drought fears, $7.95 per bu and $16.835 per bu, respectively. 7/17/12. WSJ-A.1., A.4. The current drought in the US is the widest since 1956, per NOAA. 7/12/12. WSJ Online. The US sold 10-year Treasury notes at a record low yield of 1.459%. 7/11/12. WSJ Online. Revolving consumer credit (includes mostly credit cards), jumped 11.2% to $870.20B in June –the biggest % rise since November 2007, according to the FED. 7/5/12. WSJ Online and p.A.1, A.3 print. Apartment rents increased in all 82 markets tracked by Reis Inc., a real estate data firm. Average rents are now at record levels in 74 markets. The nation's vacancy rate fell during the quarter to 4.7%, its lowest level since the end of 2001 7/2/12. WSJ Online. Eurozone unemployment rate rose to a record high in May, according to Markit Economics. Records began 1/95. Total unemployed 17.56MM. - The Institute for Supply Management new orders index fell in May at its fastest pace in more than a decade—dropping from 60.1 to 47.8. 6/22/12. WSJ.C.12. The Indian rupee fell to an all-time low vs. the $, 56.55 rupees per $. 6/18/12. WSJ Online. The National Association of Home Builders housing market index at 29 this month, was up a point from a month earlier and the highest level since May 2007. May’s reading was revised downward by a point to 28. - Data from Spain's central bank showed the country's lenders have the highest level of bad loans on their books in 18 years. 6/14/12. WSJ Online. Spain’s 10-year bond traded at 6.96%, the highest rate ever in the Euro era, as housing prices there declined 12.6% annualized in 1Q after falling 11.2% in 4Q11 and by 7.4% in 3Q11. 6/10/12. WSJ Online. U.S. oil output in 1Q 2012 rose 12% from a year earlier to 6MM barrels a day for the first time in 13 years 6/1/12. WSJ Online. Eurozone unemployment hit 11%, the highest since Jan. 1995 when the currency union was formed. - WSJ Online. 10-year yield dropped below 1.5% for the first time ever, reaching as low as 1.437%. The 30-year bond's yield touched as low as 2.508%, nearly breaking the 2.505% record low set in December 2008 after the collapse of Lehman Brothers sent investors scrambling for shelter. 5/30/12. WSJ Online. German 10-year bond yields dropped to 1.34% in market trading, a record low. - The benchmark 10-year U.S. Treasury yield sank to an all-time low of 1.659% as fears about the euro-zone debt crisis intensified. 5/14/12. WSJ Online. German 10-year bond yields dropped to 1.472% in market trading, a record low. 5/10/12. Financial Times Online. German 10-year bond yields dropped to 1.49%, and UK long-term debt dropped to 1.88% – the lowest level for benchmark bonds since the Bank of England started collecting data in 1703. - The US sold bonds at record low yields for 10-year bonds at 1.85%. - Spanish yields rose to euro-era highs of 6.70% (since 12/16/1995). 5/8/12. WSJ-C.4. High-grade corporate bond yields hit a record low yield (since 1973) of 3.25% on the Barclays US Investment-Grade Index 5/5/12. WSJ-A.14. Per the Labor Department, the April civilian labor participation rate at 63.6% is the lowest since December 1981. 5/4/12. Financial Times Online. US mortgage rates hit a record low with thirty-year fixed rate at 3.84% 4/30/12. WSJ Online. The home-ownership rate fell in 1Q to the lowest level in 15 years due to foreclosures and the weak economic recovery, according to the Census Bureau. 4/2//12. WSJ-A.1. Spain (the 12th largest world economy) hit an 18-year high Unemployment rate of 24.4%. 4/19/12. WSJ-A.1,C.3 Delinquent loans in Spain at 8.16%f hit a 17-year high. - WSJ Online. Total hedge-fund assets surged to $2.13T at the end of 1Q beating the previous high of $2.04T, set in 2011, according to Hedge Fund Research Inc. 4/12/12-WSJ-A.1,C.4. Natural gas closed on the NYMERC at $1.984 per mbtu, the lowest close since Jan. 2002 and down 52% in the past year. 4/6/12-WSJ-A.5. Dept. of Labor reports initial jobless claims at 357K, SA, for the last week of March were the lowest since 4/2008. 3/27/12-WSJ Online. The Standard & Poor's/Case-Shiller index that tracks 20 U.S. metro areas fell to levels not seen since the end of 2002. - C.4. The S&P 500 traded above 1400 for the first time since 5/2008. 3/23/12-WSJ Online. TIPS sell at a record low Yield of negative-0.089% 3/16/12-WSJ-A.1,A.12. Effective 4/1/12 the US will have the highest corporate tax rate, 10-to-15 percentage points higher than the world average. 3/11/12-WSJ Online. China’s trade deficit, $31.5 billion in February, the largest on record. 3/9/12-WSJ-c.4. Natural gas prices at $2.272 per mbtu were the lowest since 2/15/02. 3/2/12-WSJ-A.1. Euro zone unemployment hit 10.7%, a 12-year high. 2/28/12-WSJ-A.1. Jan. pending home sales, National Assoc. of Realtors Index at 97, was the highest since 1/2007 - A.1. Japanese chip maker Elpida filed for bankruptcy, the largest in Japanese history. 2/22/12 WSJ Online. According to the National Association of Realtors, the January inventory of previously owned homes listed for sale fell to 2.31MM, the lowest level since March 2005. That is a 6.1-month supply at the current sales pace, a level economists consider healthy. 2/2/12-Financial Times Online. The Baltic Dry index (shipping cost on bulk commodity dry goods vessels) fell to $5,327 per day, the lowest August 1986, mainly due to a glut of ships and slow trade. 1/31/12-WSJ Online. Five-year Treasury yields set an all-time low at 0.704% 1/28/12-WSJ-B.5. The USDA reports the US cattle herd at 90.8MM units is the lowest in 60 years. 1/24/12-WSJ-A.1. Japan recorded its first annual trade deficit since 1980 for 2011. 1/18/12-WSJ Online. The National Association of Homebuilders Index rose to 25 in December, the highest since June 2007. 1/14/12-Bloomberg. German 5-year gov’t rate dropped to as low as 0.733%, the least since Bloomberg began collecting the data in 1990. The Dutch 10-year yield dropped six basis points to 2.09% after reaching a record low 2.073% 1/12/12-NYT-quoting Xconomy. Per CB Insights, VCs invested $30.6 billion in 3,051 deals in 2011, highest in 10 years. - AP. Freddie Mac reported the average rate on the 30-year fixed mortgage fell to 3.89%, a record low (since early 1950’s). Ditto 15-year rates at 3.16%. 1/11/12-WSJ Online. Orange juice futures hit a record high, closing at $2.1275 per # on the ICE. 12/23/11-WSJ-C.2. 30-year fixed rate mortgages fell to a record 3.91% according to the Freddie Mac Weekly Survey. 12/15/11-WSJ-C.1. Iowa State University survey indicated farm prices doubled over the past 5 years in key producing states. In Iowa, the biggest producer of corn and soybeans, the average price per acre reached $6,708, up 32% in 2011, the largest increase in the 70-year survey history. 12/10/11-WSJ.B.4. The USDA forecasted record global production of wheat and corn, 689M tons. And 867.5M tons, respectively. 11/30/11-WSJ Online, and A.1. U.S. exports of gasoline, diesel and other oil-based fuels are on track to be a net exporter of petroleum products in 2011 for the first time in 62 years, according to he U.S. Energy Information Administration . 11/10/11-WSJ-A.1, A.3. Jefferson County Ala. filed for the largest municipal bankruptcy in US history, $3B. 10/22/11-Financial Times. UK inflation at 5.2% is a 20-year high. 10/22/11 WSJ Online. In intraday trading, the yen moved to Ą75.78 per dollar, a record high. 10/17/11-WSJ Online. Per Realtor.com, 2.19 million homes listed for sale at the end of September, down 20% from a year earlier and the lowest since 2007 (when records began). 10/7/11-WSJ-A.1, A.5. The 30-year fixed mortgage rate hit 3.94%, the lowest on record, according to Freddie Mac. 9/24/11-WSJ-A.1. Gold dropped 5.8%, the largest drop in over 5 years, and for the week was the worst since 1987. - Silver dropped 18% for the largest single day drop since 1980. 9/15/11-WSJ-A.1. SAT scores for the 2011 class dropped, with reading and writing at record low levels. 9/14/11-WSJ-A.1. Per the Census, median US family income fell to $49,445, the lowest since 1996. The fraction of Americans living in poverty is 15.1%, highest since 1993. 9/3/11-WSJ-A1. The yield on 10-year treasuries fell below 2% for the 2nd time in 50 years, the first time being a week ago, 1.987%. 8/24/11-WSJ-C13. The yield on 10-year treasuries fell below 2% for the first time in 50 years, at 1.974%. The lowest yield is .92% in April 1942. 8/19/11-WSJ Online. The dollar retreated to Ą75.94 in early trade, surpassing the previous post-World War II record of Ą76.25. - Gold record: contract for August delivery (Comex) was up $31.50, or 1.7%, at $1,850.40 a troy ounce in midday trade. 8/11/11-Financial Times Online. Gold record $1800. 8/10/11-WSJ-C7. Swiss franc record .7067 francs. 8/9/11-WSJ Online. Swiss franc record .7268 francs. 8/8/11-Financial Times Online. Swiss franc reached a record SFr0.7497 against the dollar. - Gold record $1779. 8/4/11-WSJ-C.8. Gold record $1663.00. 8/3/11-WSJ-C.7. Swiss franc at another record vs. the $, at .7624 francs. 7/30/11-WSJ-B.11. Gold record $1628.30. 7/30/11-WSJ-C.12. Gold record $1616.60. 7/19/11-WSJ Online. Gold for July delivery rose $12.30, or 0.8%, to settle at a record $1,602.10 a troy ounce on the Comex. 7/14/11-WSJ Online. The Swiss franc his a record against the Euro and the $, at .8080 francs per $ on 7/14 and the Euro at 1.149. 7/12/11-WSJ Online. Gold at record, $1562.30. 7/5/11-Financial Times Online. Cashews, walnuts and pecans are at record highs: cashews at $4.55 a pound, up more than 60% from a year ago, in-shell walnuts up 43% and pecans are up 38 per cent vs. last year, per the International Nut and Dried Fruit Foundation . 7/1/11-WSJ Online. June construction spending fell by 0.6% to a SA annual rate of $753.48 B, the Commerce Department reported. That was the 6th straight monthly decline and the lowest seasonally adjusted figure since Sept. 1999. 6/30/11-Financial Times Online. Corn suffered its steepest fall in 15 years after record prices prompted US farmers to overplant. At 92.3m acres, US plantings were the second biggest since WW2. In Chicago, corn for July delivery fell as much as 83 cents to $6.15 a bushel. The 11.9% decline was the sharpest in % terms since 1996. 6/16/11-WSJ Online. Short-term yields hit the lowest levels on record, 0.3% on the 2-year note. - WSJ-A.1,A.4. Core consumer prices rose .3% in May, the biggest gain in 5 years. 6/10/11-Financial Times Online. The USDA said domestic corn stocks would decline to 695MM bu. by the end of August 2012, the lowest since the mid-1990s. - Corn for July delivery on the CBOT rose to a record $7.93 a bushel. 6/1/11-WSJ Online. Housing prices fell to 2002 levels according to the S&P/Case-Shiller National Index 5/31/11-Financial Times Online. The UK economy is set to experience the slowest pick-up in consumer spending of any post-recession period since 1830, according to a FT analysis of official forecasts and the Office for Budget Responsibility. 5/5/11-WSJ-C.5. The Swiss franc hit a record high v. the $, .8618f. 5/4/11-WSJ-C.5. The Swiss franc hit a record high v. the $, .8593f. - A.1. Silver fell $3.50 / oz., or 7.6% to $42.58, the steepest 1-day drop in 30 yrs. 5/3/11-WSJ-A.1, A.12. According to the CBO, the percentage of American households paying no federal income taxes rose to 51% in 2009, the highest in 18 years. - According to the same study, the top 10% of Americans paid the highest tax rate of all the OECD countries. 4/29/11-WSJ Online. The ICE Dollar Index, which tracks the U.S. $ against a trade-weighted basket of currencies, fell to the lowest level since mid-2008. The Canadian $ hit a 3-year high, the Australian dollar hit an all-time high (first floated in 1983). 4/27/11-WSJ Online. Silver prices rose to a 31-year highs and approached $50 an ounce. 4/22/11-A.1. Gold closes at record $1503.20 4/20/11-WSJ-A.1, C.14. Gold touches record $1500.00 - WSJ Online. Hedge fund assets topped $2T for the first time, according to Hedge Fund Research Inc. 4/16/11-WSJ-A.1,B.14 Gold record $1485.30 - Silver at $42.566 was the highest settlement price since 1/17/1980. 4/6/11-WSJ-A.1,C.13 Gold record $1,451.80 4/4/11-WSJ Online. Total U.S. debt hit an all-time high of $14.27011T vs. ceiling $14.29T. 4/1/11-WSJ-C.6 US Cattle futures hit all time highs, $1.2155/# for April delivery, while US herds are at a 5-decade low. - C.6. US Hog futures hit records on some deliveries, June at $1.0387/#. 3/30/11-WSJ-A,1, C.14. T-bond 10-year benchmark bonds (at 3.489%) fell for the 8th straight session, the first time in 21 years. 3/29/11-WSJ-A.1, C.1. The Australian $ hit an all-time high of $1.03. 3/25/11-WSJ Online. The Australian dollar rose Friday to its highest level against the dollar since the currency was freely floated in 1983 and traded as high as $1.0296. 3/24/11-WSJ-A.1, C.3. Gold at record $1,437.90. 3/23/11-WSJ-A.1, A.5. The National Assn. of Realtors reported sales of existing homes, February, dropped 9.6% to $156,100, the lowest since 2/2002. - Sales of new homes hit a record low in February, dn. 16.9% to a SA 250,000, according to the Commerce Dept. 3/21/11-WSJ Online. Sales of US previously occupied fell 9.6% in February and prices fell to the lowest level in nearly nine years according to the National Association of Realtors, to $156,100 median price. - NAR also reported 2010 was the worst year for sales of previously occupied homes since 1997, with about 4.9M homes sold. 3/17/11-WSJ Online. The Yen hit a record against the $, to 76.32 Y/$, in the wake of Yen repatriation related to the earth quake / tsunami / nuclear events. WSJ-A.1, B.1. Prescription drug prices accelerated at the fastest rate of the decade in 2010, up 6.9%, according to Barclay’s Capital. 3/16/11-WSJ Online. The producer price index soared to a SA 1.6% increase in February and wholesale food prices alone surged 3.9%—the biggest upward spike since 1974, according to the Labor Department. - Housing starts in February tumbled 22.5%—the sharpest decline in 27 years— to an annual pace of 479K, the lowest since April 2009, per Commerce Department. - Building permits fell 8% during the month to 517K, the lowest level since the data series began more than 40 years ago. 3/11/11-WSJ-A1, A2. The January US trade deficit widened but exports rose to a record $167.7B. - A.1. The federal deficit in Feb. was $222.5B, a record. 3/10/11-WSJ-c.2. Cattle futures on the CME hit an all-time high, $1.1752 per #. US cattle herds are at the lowest level since the 1950’s. 3/3/11-WSJ-A.1, C10. Gold at record $1437.20. 3/1/11-WSJ Online. The Institute for Supply Management's manufacturing index moved to 61.4 in Feb., the strongest reading since May 2004. 2/24/11-AP Newswire. The FDIC reported the number of banks at risk of failing made up nearly 12% of all federally insured banks in the final three months of 2010, the highest level in 18 years, to 884 banks. 2/23/11-WSJ-A.1,C.14. Cocoa on the ICE hit $3,633 per ton, the highest since Jan., 1979. - WSJ Online. The $ dropped below its previous all-time low of 0.9301 Swiss francs on the trading platform EBS, and fell as far as 0.9275 francs. 2/19/11-WSJ-A.1,B.14. Silver on the Comex closed at $32.298, the highest since March, 1980. 2/12/11-WSJ-B.11. Cotton hit a record high on the ICE, $1.9445 per #. 2/10/11-WSJ-A.1, C.8. The USDA predicted that US corn stocks would fall to the lowest level in 15 years. 2/9/11-WSJ Online. China's central bank fixed the yuan's exchange rate at a record against the dollar at 6.5850 yuan, to quell rising inflation pressures. - The dollar hit a 13-year low against the Taiwan dollar, at 28.994. 2/4/11-WSJ Online. Copper futures ended at a record high—March delivery up 3.5 cents, or 0.8%, higher at $4.5795 a pound on the Comex, and also hit $4.614, a record intraday high. 2/3/11-WSJ Online. In 2010, total compensation and benefits at publicly traded Wall Street banks and securities firms hit a record of $135 billion, the 2nd consecutive yearly record, according to an analysis by The Wall Street Journal. - FAO, various other. The FAO Food Price Index (FFPI) rose for the 7th Consecutive month, averaging 231 points in January 2011, up 3.4% from Dec. 2010 and the highest (in both real and nominal terms) since the index was backtracked in 1990. - WSJ.C.12. Sugar prices hit a 30-year high in the ICAP futures market. 2/2/11-WSJ-a.1, 2. According to the Institute for Supply Management, its index of manufacturing activity hit 60.8, the highest since 2004. - C.11. Copper at a record, $4.54 per lb. on the Comex. 1/28/11-WSJ Online. Cotton on the ICE hit $1.6939 per lb., a 140-year high. 1/26/11-WSJ Online. Per the Commerce Dept., 2010 new home sales at 310,000 units was the lowest since 1963. 1/21/11-WSJ Online. The steepness of the yield curve (the spread between 2-year and 30-year Treasuries) hit a record four percentage points, notes RBS Securities. 1/2/0/11-AP. Per the National Association of Realtors pre-existing home sales fell 4.8% to 4.91MM units in 2010, the lowest since 1997 1/19/11-WSJ-A.1. U.S. manufacturing jobs rose 136K, the first time since 1997, per HIS Global Insight and Moody’s Analytics. In the same period, 6MM U.S. manufacturing jobs were lost. 1/15/11-WSJ Online. The 5 largest U.S. banks are now larger than ever, with Total Assets at $8.6T, 11.8% higher than pre-recession levels, per Capital IQ and the FED. 1/13/11-AP Newswire. RealtyTrac reported a 2010 foreclosures at a record high of 1.0MM homes, up 1.67% from 2009. With 5MM households currently in default, 2011 could go beyond 1.2MM foreclosures. 1/12/11-WSJ Online. Palladium hit $814.50/oz., the highest since 1/2001. - A.15. The WSJ / Heritage Foundation Index of Economic Freedom ranked the U.S. at #9, the lowest in over a decade. 1/5/11-WSJ Online. The United Nations Food and Agriculture Organization's monthly food price index for December rose to a record 214.7. 1/4/11-WSJ-C.10. Gold hits record $1422.60. 1/3/11-WSJ Online. Personal bankruptcies rose in 2010 to 1.53MM, up 9% from 2009 and the highest since the new law in 2005 (American Bankruptcy Institute). 12/31/10-WSJ Online. Copper hit a record on the Comex, $4.470 per # after hitting $4.520 intraday. The International Copper Study Group forecasts a copper deficit of 435,000 metric tons in 2011. This would be the first deficit in three years, when average global yearly production was ~18 million tons. - WSJ Online. Palladium closed at a 9-year high on the Comex, $803 / oz. - WSJ Online. Silver closed at a 30-year high on the Comex, $30.937 / oz. 12/30/10-WSJ Online. Silver hit a 30-year high at $30.93 per oz. on the Comex. - WSJ Online. Palladium touched an 8-year high, $799 per oz. on the Nymex. 12/29/10-WSJ Online. Copper hit a record on the Comex, $4.328 per #. - WSJ Online. Bank failures in 2010 at 157 are the highest level since 1992. 12/28/10-Financial Times. The Swiss franc reached a record high against the $, to SFr 0.9437. - WSJ-A.1. Year end retail sales increased at the highest rate since 2005, excluding automobiles, up 5.5% between Nov. 5 and Dec. 24 compared with 2009, according to MasterCard SpendingPulse, a unit of MasterCard Advisors that tracks sales by all types of payment. 12/27/10-WSJ Online. Orange juice futures hit a 3.5 year high owing to cold temps. 12/15/10-WSJ-A.6. The Natl. Federation of Independent Businesses reports its Optimism index rose to 93.2, the highest since 12/07, and the Business Roundtable said its optimism index rose to the highest level since 1Q06. 12/10/10-WSJ-A.1. Corporate cash balances rose to a 51 year high (as a % of total Assets) to 7.4% and $1.93T, according to the FED. 12/7/10-WSJ-C.6. Gold at $1415.30 hit a record high, silver at $29.705 hit a 30-year high, both on the COMEX. 11/19/10-WSJ-B.1. According to the Labor Department, the number of companies/ with at least one employee fell 100K or 2%, in the year ending 3/31/10, the second worst performance in 18 years— the worst was last year, dn. 3.4%. 11/18/10-Financial Times Online. US Investors cashed out of $3.1B of municipal bonds last week, a record. 11/18/10-WSJ-A.4. The US CPI fell to the lowest level since records began in 1957, a .2% rise in October, according to the Labor Department. 11/17/10-WSJ.C.7. The Commodity Research Bureau’s raw industrial spot price index hit a record, 568.45, on 11/11/10. Record keeping began in 1943. 11/12/10-WSJ.C.9. Mortgage rates for 30 years at 4.17% are at a record low, per Freddie Mac, and the first time the rate dropped below Treasuries (4.239%). 11/8/10-Financial Times. Gold surged above $1,400 on World Bank president Zoellick calls for a modified gold standard for world currencies. 11/8/10-WSJ-C.8. Gold hits record $1382.70 per oz. on Comex. 11/4/10-WSJ Online. Sugar soars to 30-year high, 30.64 cents / # on the NY Intercontinental Exchange, as supply fears grow. 11/3/10-WSJ-A.17. Personal bankruptcies are on track for a 5-year high, 1.6MM per American Banking Institute. 11/2/10-WSJ Online. The Australian dollar rose to US$1.0025, its highest level in 27 years since the currency began freely floating in 1983 10/27/10-WSJ.C.16. 2-year treasury bonds sold at a record low, .4%. 10/16/10-WSJ.A.1,B.1. Cotton hit $1.198 per lb., the highest since the Civil War. 10/15/10-Yahoo! Finance. Per RealtyTrac, banks repossessed a record 102K homes in September, and foreclosure filings rose 4% in 3Q, up ~1MM properties. 10/8/10-WSJ-A.1,A.10. The $ hit a record low against the Swiss franc, a 27-year low vs. the Australian dollar and a 15-year low vs. the yen. 9/25/10.-WSJ.A.1 Gold for Sept. delivery closed at a record of $1,296 an oz., silver rose to a 30-year high of $21.38 an oz. 9/21/10-WSJ-A.1, C.7. Cotton, Oct. delivery on thee ICE closed at $1.0037 per #, the highest in 15 years and the 2nd time prices exceeded $1 since the Civil War. - Gold at record, $1292.20. 9/17/10-WSJ-A.1, C.1. Gold at record, $1271.90 , silver at $20.745/ oz, the highest since 1980. - A.1, A.4. Per Census, 14.3% of Americans live in poverty, highest since 1994. Median household inflation-adjusted income fell at the highest % in 4 decades. 9/15/10-WSJ-A.1,C.1. Gold at record, $1269.70 or 2% on the Comex. - A.1, A.6. 44% of Americans receive government welfare, the highest ever. The % of Americans paying no taxes rose to 45%, up from 39% 5 years ago. 9/14/10. Financial Times Online. The Japanese yen hit a 15-year high against the dollar, to 83.07. 9/9/10-WSJ-A.1,C.8. Gasoline stocks in August, at over 225MM bbls., rose at the highest rate since govt. records began in 1945, to a 23-year high. - WSJ-C.1. Allergan’s $650MM bond offering at 3.375% for 10-years was the lowest corporate rate since 1995. 9/7/10-WSJ Newswire. Gold hit a record. Comex gold for September delivery rose $8.10 an ounce to a record close of $1,257.30. 9/3/10-Financial Times Newswire. Global meat prices have hit a 20-year high according to the UN Food and Agriculture Organization. Their index of meat prices rose in August to its highest level since 1990, up 16 per cent over the past year. - WSJ-C.8. Freddie Mac reports 30-year mortgage rates at 4.32%, the lowest since records began in 1971. 15-year and 5-year ARMs also fell to record lows, 3.83% and 3.54%, respectively. 8/25/10-WSJ,C.14. Treasury yields hit new historic lows, 2-year at .45% (8/1973 is when records began). - WSJ-A.1, 2. Pre-owned home sales in July fell 27.2% to SA 3.83MM units, the lowest rate since records began in 1999, per Natl. Assn. of Realtors. The # of unsold homes rose to 4MM units, or 12.5 months supply, the highest in 10 years. 8/24/10-Reuters Newswire. Sales of pre-owned U.S. homes dropped a record 27.2% in July to their lowest pace in 15 years. 3.83M units, per the National Association of Realtors 8/24/10-WSJ. Coffee prices hit a 13-year high, $1.8865 per lb. 8/23/10-WSJ-A.1, 2. Credit card rates at 14.7% hit a 9-year high, and the spread to the prime rate at 11.45% is a 22-year high. 8/19/10-AP Newswire. Mortgage rates fell for the 8th time in 9 weeks to the lowest level since 1971, per Freddie Mac, to 4.44% for 30 years. The 30-year rate, 3.92%, was the lowest in 10 years. 8/13/10-WSJ Newswire. J&J set record low rates in a corporate bond issue: the 10-year rate at 2.95% and on 30-year bonds, 4.5%, both unsecured. This compares to Treasury securities at 2.664% and 3.87%, respectively. 8/11/10-Bloomberg News Wire. The trade deficit in the U.S. unexpectedly widened in June by $7.9 billion, the most since record-keeping began in 1992, to $49.9B the highest since 10/08. - WSJ Newswire. The Yen hit a 15-year high vs. $, at Y84.735 per $. 8/6/10-WSJ,C.8. 15-year mortgage rates fell to 3.95%, a record (Freddie Mac data collection began 1991. 5-year ARMs fell to 3.63% (records began 2005). 8/5/10-WSJ Newswire. IBM issues 2-year unsecured bonds at a record low of 1% vs. T Notes at .74%. 8/3/10-WSJ-A.1, C.1. Wheat prices are up 62% to nearly $7/bbl, the sharpest rise since 1959 but below the 9/08 record of nearly $13/bbl. The increase is due to global production problems, most recently in Russia. - C.11. 2-year treasuries hit a record low, .515%, continuing a string of record lows now into its second week. 8/2/10-WSJ-A.1, C.5. Pork belly futures hit record highs, $1.35 per lb. and 53% above a year ago owing to herd reductions brought about by cost squeezes. 7/20/10-WSJ Newswire. Start-up activity fell to an average 3.7% in the first two quarters of this year, down from 7.6% in the first half of 2009 and 9.6% in the second half, and the lowest since data began in 1986 per Challenger Gray & Christmas. 7/16/10-WSJ-C.10. Cocoa prices hit a 33-year high on the NYSE Liffe exchange, apparently due to a speculative squeeze. 7/2/10-WSJ Newswire. Through the first six months of 2010, consumer bankruptcy filings increased to 770,117 — 14% more than the same period last year, the American Bankruptcy Institute said. 7/1/10-WSJ Newswire. Mortgage rates fell to 4.58% this week on 30-year fixed-rate loans, according to Freddie Mac’s weekly survey, vs. 4.69% last week. That is the lowest since Freddie’s count began in 1971. Average rates on 15-year fixed-rate loans were down to a record-low 4.04%. 6/23/10-AP. The Commerce Dept. reports sales of new homes last month, sank 33% to the lowest level on record (1963), to a 300K SA annual rate. 6/10/10-WSJ Newswire. U.S. companies are holding record amounts of cash and other liquid assets, $1.84T at the end of March, up 26% from a year earlier and the largest-ever increase in records going back to 1952. Cash made up about 7% of all company assets, including factories and financial investments, the highest level since 1963. according to the FED. 6/8/10-WSJ Newswire. Disposals by private-equity funds outnumber acquisitions so far this year for the first time since 1994, according to Thomson Reuters. 6/4/10-WSJ-p.C.6. Freddie Mac reports the 15-year mortgage rate hit a record low last week. Record keeping on 15-year mortgages began in 1991. 5/30/10—Financial Times Newswire. A record drop on 5/7 of Euro-next dividend futures and subsequent pricing indicate the market is implying no overall growth in the dividends paid by companies in the Euro Stoxx 50 index from 2011 to the end of the decade. Per Pete Clarke, head of equity derivatives strategy at Citigroup in London, “The market through the dividend swaps is expecting the crisis to last longer ... the market was expecting to bottom out in 2012 but now we see it bottoming out in 2013 or 2014.”. 5/20/10—WSJ-p.A.1. Labor Dept. reported April core inflation (excluding food and energy) up .9% vs. 2009, the lowest rate in 44 years. 5/19/10-AP Newswire. Bankrate reports the average yield on a one-year CD, at 0.7%, is the lowest it's been since Bankrate starting tracking the figure in 1983. 5/18/10-WSJ Newswire. S&P/Experian Consumer Credit Default Indices reported credit card defaults in April were 9.1%, a record (the indices began 2/2004). -WSJ Newswire. The Euro fell to a 4-year low sliding below $1.22 5/13/10-WSJ Newswire. Per Commerce Dept, for the first time in history, 12-month cumulative US exports to Asian emerging markets countries (China, India, Hong Kong, Taiwan, Korea plus a handful of smaller nations) at $227.6B exceeded exports to the European Union, $223.7B. 5/12/10-WSJ Markets Newswire. NYMEX Gold for current delivery settled at a record $1,243.10 per oz. Flight from the Euro was cited. 5/6/10-WSJ-p.A.1, 16. Labor Dept reports 4Q09 productivity rose 5.8% from 2008, the sharpest increase since 2002. This compares with the 50-year average rate of 2.1%. A recently released study from the FED, Commerce Dept, UC Davis and Dartmouth suggest the productivity rare from 1995-2006 may be overstated .2% per year due to vendor price reductions owing to outsourcing. 4/30/10-WSJ Newswire. Commerce Dept. reports 1Q2010 core inflation rose by 0.6%, the lowest reading since the first quarter of 1959 4/27/10-Reuters Newswire. Central banks turned to buyers from sellers of gold for the first time in 20 years in 2009, due to Chinese stockpiling and worries over global currencies, per CPM Group. Official gold demand resulted in net buying of 15.1 million ounces (470 tonnes) in 2009, the sector's first net addition since 1988. 4/5/10-Reuters. The U.S. office vacancy rate, 1Q10, hit its highest level in 16 years according to Reis Inc. The 17.2 percent vacancy, a level unseen since 1994, reflect a loss of 11.6 million net square feet of occupied space. 4/2/10-WSJ Online. Consumer bankruptcy filings hit their highest monthly peak in March since Congress overhauled the system in 2005, 149,268 filings, 34% higher than February and 23% over 3/09. according to data from the National Bankruptcy Research Center. 3/19/10-WSJ Online. The Federal Reserve’s financial obligation ratio (how much the average American pays every month for rent and payments on credits cards and mortgages, as a % of disposable income, fell to 17.51% in 4Q09, down from a peak of 18.87% in early 2008 and the lowest level since the third quarter of 2000 3/12/10-WSJ.A.1, A.6. US household debt dn. 1.7% in 2009 to $13.5T, the first drop since records began in 1945, to $43,874 per household. 2/26/10-WSJ Newswire. U.S. Commerce Department said 4Q09 GDP rose at a 5.9% annual as businesses slowed inventory reduction and boosted spending. That represents the fastest rate since the third quarter of 2003. For all of 2009, GDP declined an unrevised 2.4%. - The National Association of Realtors reported existing home sales plunged by 7.2% to a 5.05MM annual rate. This is the second largest month-to-month decline for existing home sales since 1989. It's surpassed only by the declines in December when sales dropped to a revised 5.44 million, or 16.2% 2/24/10-WSJ Newswire. Sales of new single family homes dropped 11.2% in Jan. vs. Dec. to a seasonally adjusted annual rate of 309K units, per the Commerce Department, to the lowest level since the government began tracking the numbers in 1963. Sales were 6.1% lower than in January 2009. - WSJ-A.1. US banks posted the sharpest decline in lending since 1942, per the FDIC. At risk banks at 702 are a 16-year high. Past-due loans > 3 months hit a 26 year high (since recording keeping began), at 5,4% ($391.3B), and the 4Q w/o rate ($53B) was a similar record. 2/3/10-WSJ Online. During 2009, the nation's capacity to produce motor vehicles and chemicals fell 4.4% and 1.7%, respectively, the largest such declines since at least 1949, according to Federal Reserve estimates. Its capacity to produce semiconductors, by contrast, grew an estimated 10.4%. Overall, U.S. industrial capacity fell by an estimated 1% in 2009, the largest year-to-year decline on record, while goods-producing businesses shed more than 2.3 million jobs. 2/1/10_WSJ Economics Blog. Institute for Supply Management’s manufacturing index rose to 58.4 in January, the highest in more than 5 years, vs. 54.9 in December 1/30/10—WSJ-A.1,A.6. Wage and benefit cost grew slower in ‘09 than any year since 1982 per Labor Dept. 1/26/10-WSJ-C.8. Sugar futures hit a 29-year intraday high, and closed at 30.01 cents / lb., the highest since Jan. 1981. 1/23/10-WSJ-A.1,A.2. December California housing inventory fell to a 5-year low, per Cal. Assn. of Realtors. - Labor union membership in private industry fell 10% in 2009 to the lowest level in 25 years, per the labor department. 1/16/09-WSJ-A.1,A.2. US industrial capacity in 2009 fell 1%, the largest decline since record keeping began in 1967, per the Fed (see more, above). 1/7/10-WSJ-A1,A3. Apartment vacancies, 12/09, rose to 8%, the highest level since records began (1980), per Reis.
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