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[ad_1] Ukraine and Russia: What you need to know right now [ad_2] Source link

[ad_1] Wall Street’s main indexes fell on Tuesday, dragged by weakness in tech and other growth stocks, after comments from Federal Reserve Governor Lael Brainard spooked investors about potential aggressive actions by the central bank to control inflation. The tech-heavy Nasdaq posted its biggest daily percentage drop in about a month, with declines in heavyweight stocks such as Apple Inc and Amazon.com Inc . At a conference on Tuesday, Brainard said she expects methodical interest rate increases and rapid reductions to the Fed’s balance sheet to bring U.S. monetary policy to a “more neutral position” later this year, with further tightening to follow as needed. Brainard’s comments “drove home the point that the Fed is poised to get more aggressive,” said Kristina Hooper, chief global market strategist at Invesco. “That is certainly having a negative effect on equities because of concerns that this increases the probability of a recession,” Hooper said. “It’s going to be increasingly difficult for the Fed to engineer a soft landing the more aggressive it gets.” The Dow Jones Industrial Average fell 280.7 points, or 0.8%, to 34,641.18, the S&P 500 lost 57.52 points, or 1.26%, to 4,525.12 and the Nasdaq Composite dropped 328.39 points, or 2.26%, to 14,204.17. Among S&P 500 sectors, technology slumped 2.2% while consumer discretionary fell 2.4%. The utilities sector rose 0.7%. U.S. Treasury yields rose to multi-year highs with yields taking off after Brainard’s comments. The prospect of a more hawkish Fed led to a rocky start to the year for equities and in particular for tech and growth shares whose valuations stand to be more pressured by higher bond yields. Stocks have rebounded in recent weeks, with the S&P 500 now down about 5% so far this year. Focus on the Fed will continue on Wednesday, when the central bank releases minutes of its March meeting. “For the rest of this week, the market will be driven by interest rates and it will be driven by the Fed’s comments about interest rates,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Investors also remain focused on the Ukraine crisis, which has led to rising commodity prices that stand to worsen an already-worrisome inflationary picture. In economic news, data showed U.S. services industry activity picked up in March, boosted by the rolling back of pandemic restrictions, but businesses continued to face higher costs as supply strains persisted. In company news, shares of Twitter Inc gained 2%, adding to their prior-day surge, as the social media company said it will offer Tesla CEO and entrepreneur Elon Musk a seat on its board of directors. Carnival Corp shares rose 2.4% after the cruise operator reported its highest booking week in its history. Shares of Spirit Airlines soared 22.5% after reports that JetBlue Airways has made an offer to buy Spirit. Declining issues outnumbered advancing ones on the NYSE by a 4.33-to-1 ratio; on Nasdaq, a 2.96-to-1 ratio favored decliners. The S&P 500 posted 42 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 55 new highs and 100 new lows. About 11.4 billion shares changed hands in U.S. exchanges, compared with the roughly 13 billion daily average over the last 20 sessions. [ad_2] Source link

[ad_1] In 2022, I’m setting monthly reading goals. You can see the 9 books I picked to read in March here. (April’s book choices are coming soon!) Here are 4 books I finished recently… Note: You can follow along with the books I finish this year and my star ratings over on GoodReads. Also, books are rated on a 1-5 star scale. I basically won’t finish a book if it’s one star (not worth my time!) and I’ll rarely give a book a 5-star rating unless it was just absolutely amazing or life-changing. Jesus Everlasting I struggled through this book. It’s interesting because in prepping for this review, I read the Amazon description of it and that’s not at all what I realized the book was supposed to be about. So it missed the mark for me. It felt like it was kind of fluffy, some of the attempts to modernize the Biblical stories felt off base and out of context, and it just lacked the depth I was hoping for. However, I know not every book is for everyone and certain writing styles hit different people differently… so maybe you’d love it! Verdict: 2 stars The London House I’ve loved the other Katherine Reay novels and was excited about this one. There were parts that were interesting and I learned some new things about WWII, but it felt like the book skipped around a lot and was hard to follow (and I saw a number of Amazon reviewers said the same thing). If you enjoy WWII novels and you like epistolary novels (much of the book was told through journal entries and letters), then you might enjoy this novel. One thing I would have loved was to hear more about her research and to hear what parts of the book were based upon true facts. I felt like there was a lot of research that had gone into the book I just wasn’t sure what was fact and what was fiction. Verdict: 3 stars Come Sit With Me This book is a compilation of chapters written by different women on the topic of friendship and loving others well in spite of our differences and disagreements. I felt like it’s such a needed topic in this day and age where there is so much division and struggling to have conversations with people who believe differently than us. I resonated more with some of the writers than others and it felt like there was some repetition, but overall, I really appreciated the message of how to stay when it gets tough in a friendship, loving well, forgiveness, and kindness even when it’d hard. Verdict: 3 stars The Last Bookshop in London I really enjoyed this WWII novel. It is a slower-paced novel but I love how it develops and how it showcases what it was like to live as an every day citizen in London during the war. It was a different perspective than any other book I’ve read about WWII and it really made me think what it would have been like to stay back behind while so many left to go fight and all of the sacrifices those who stayed behind made. There are also a lot of literary references in the book, so if you love slow but well-developed novels, if you love literary-themed novels, and/or you love WWII novels, I think you’ll really enjoy this novel. Verdict: 4 stars What have you been reading recently? Any books you think I should read? [ad_2] Source link

[ad_1] ECB move to temper energy costs would push up unemployment – DIW think tank [ad_2] Source link

[ad_1] Finance minister Nirmala Sitharaman on Tuesday said a new law to regulate auditing standards in the country and bring them on a par with the best global practices would help engender “homegrown world-class institutions” akin to the ‘Big Four’. Parliament passed the Chartered Accountants, the Cost and Work Accountants, and the Company Secretaries Amendment Bill, 2021, on Tuesday, with the Upper House clearing it by a voice vote. The Lok Sabha had cleared the bill on March 30. The Bill is aimed at bringing greater robustness and accountability in India’s auditing standards as well the way audit certificates are given. It seeks to strengthen the accountability of chartered accountants by overhauling disciplinary mechanisms and increasing the fines for lapses. The trigger for the law is believed to be recurrent accounting scams. Sitharaman, who is also the minister for corporate affairs, said since India has witnessed rapid changes in the way the economy is being profiled, the sanctity of the audited financial statement, which is where the role of CAs come into play. has got to be maintained and given its due position. “We need to have audit and certification quality. We also need to have a favourable investment climate being brought in,” she said, replying during a debate in the Rajya Sabha. Citing the examples of Satyam and the IL&FS scandals, she said, “We have repeatedly been questioned about the number of failings of the CAs who did not deliver as per the expectations.” A section of the auditors’ community had objected to many provisions in the Bill, alleging that these would undermine the autonomy of the respective institutes governing the professions of CAs, company secretaries and cost accountants. Currently, the disciplinary committee for CAs has five members — three ICAI central council members and two government nominees. The Bill proposes to include two CAs and three non-CAs. Besides, it has been proposed that the disciplinary committee will be headed by a non-CA. Institute of Chartered Accountants of India (ICAI) president Debashis Mitra had pitched for maintaining the “status quo” on the constitution of the institute’s disciplinary committee and asserted that the current system is working well. Sitharaman, however, said: “This (Bill) is with the intention of making the three institutions a lot more transparent in their disciplinary matters, and raise the quality of the disciplinary processes.” The minister said the functioning of the three audit/accounting institutes — ICAI, ICSI and ICWAI — would continue to be governed by the respective three Acts. These bodies would also continue to have the authority for qualifying and licensing of people and regulation of their conduct as was done before, she said. Among other things, the Bill provides for the setting up of a coordination committee headed by the secretary of the ministry of corporate affairs. It will have representations from the three institutes. The Bill also provides for registration of firms with the institutes as it will help in paving the way for Indian accountancy firms to grow big. The Congress, TMC, DMK, CPI (M) and YSRCP opposed the bill, citing “infirmities” and alleging that it was a blatant attack on professional autonomy. (with PTI inputs) [ad_2] Source link

[ad_1] Atlanta-based non-QM wholesale lender Angel Oak Mortgage Solutions has updated its rate lock policy to a 30-day lock period due to the fast-rising interest rates landscape. “Angel Oak, along with the rest of the non-QM industry, has been forced to make rapid adjustments to ensure liquidity during this highly volatile market,” a company spokesperson told HousingWire.  Lenders offer borrowers to lock the mortgage rates for a period between the offer and the closing date, which vary according to their policies. However, during periods of instability, locking the rate for a long period puts downward pressure on lenders’ margins, hurting earnings. That’s been playing out over the last few months due to massive rate increases. And more are expected to follow – the Federal Reserve signaled six additional rate hikes this year, with at least three more in 2023. The latest weekly Freddie Mac PMMS survey, released Thursday, showed that the average purchase mortgage rate touched 4.67% early last week, up 25 basis points from the week prior and the highest reading since December 2018. Black Knight‘s Optimal Blue OBMMI pricing engine, which considers refis and data from the Mortgage Bankers Association (MBA), reported that rates on Monday averaged 4.86%, up around 80 basis points in one month.  “The sharp rise of the 2-year swap rate along with the rapid increase in credit spreads of the securitization market have led to an unusually fast increase in non-QM rates that the industry has not seen before,” Angel Oak’s spokesperson said.  Angel Oak Mortgage Solutions announced the change in its lock policy on March 31, which caused “confusion and stress” among brokers and borrowers, according to a company’s post on its LinkedIn page.  The company retracted the changes the following day, saying it was in the “process of making the appropriate system updates to reflect the original information of borrower’s loans.”  After that, the spokesperson for the company told HousingWire on Tuesday that it will honor all current locks, with the new policy valid only for loans moving forward.  With mortgage rates now hovering around 5%, compared with 3% or lower for much of last year, lenders are investing more in non-QM products. UWM recently rolled out bank statement loans targeting the self-employed as well as investor loans. Likewise, Homepoint is unveiling bank-statement loans as well as non-QM cash-flow loans for real estate investors. (Several other big nonbanks have investor loan products as well.) Investors’ appetite for non-QM loans also increases in a higher interest rate landscape, as they are seeking for more return on their investments. So far, this year, the non-QM volume numbers are impressive: year to date as of March 25, a total of 29 non-QM securitizations were completed or underway valued at $12 billion, compared to 17 deals valued at $4.8 billion over the first full three months of 2021, the most recent Kroll Bond Rating Agency’s data show. The post In volatile market, Angel Oak sets 30-day rate lock period appeared first on HousingWire. [ad_2] Source link

[ad_1] This is a really great deal on a highly-rated U-Shape Body Pillow! (Sponsored by Milliard.) Amazon has this Milliard U-Shape Memory Foam Body Pillow for just $28.89 shipped when you use exclusive code 1549V52J at checkout! This is a great price on a body pillow like this, and it gets amazing 5-star reviews from thousands of Amazon customers! Milliard sent me one of these to try out and it’s SO comfy. It has so many different uses and can be shaped to fit just about any body type or sleep position — perfect for maternity use, especially! Here are some of the key features of this pillow: U Shaped Pillow Support – Offering long, ergonomic positioning, U body pillows can be used to support and relieve pressure from your arms, back, neck, head, or legs. Customizable Comfort – Inside our long body pillows is thick, cushioned memory foam that can be added to or removed to help you find just the right level of softness. Full-Body Design – Like a relaxing hug all through the night, these long u-shaped body pillows are great for watching TV, nursing children, reading, or sleep comfort. Pregnancy and Maternity Use – A smart way to relieve belly pressure, back pain, or discomfort while pregnant, they’re the best pregnancy pillow at any trimester stage. Multiple Sleeping Positions – Perfect for side, back, or stomach sleepers, use it for sitting more upright, curling up in various positions, and even resting on the couch. I’ve never had a maternity pillow before, but now I see why they’re so popular!! (Also, I might not get to use it since my kids keep fighting over it! ) Valid through April 11th, while supplies last. [ad_2] Source link

[ad_1] Biden launches U.S. plan to help Americans struggling with long COVID [ad_2] Source link

[ad_1] By Ashima Agarwal There are times when one takes a long break from work, sometimes by choice, sometimes by force. There can be many reasons for taking a break such as higher education, maternity, taking care of the elderly or the sick at home, opening a business, long vacations, etc. The period of break or sabbatical may range from 6 months to 3-4 years. That is why careful planning of finances during that period is extremely critical. Let’s talk about Ramesh, an IT professional who has been working for the last 10 years. He now plans to take a sabbatical for 3-4 years to prepare for his MBA entrance exams and then to complete the course. He lives in Delhi with his mother, wife and a seven-year-old son. What should Ramesh plan for before taking this big step in his life as he is the only earning member?Estimate expenditure The first step is to estimate the monthly/ annual expenditure of the household. Once that is done, the next step is to plan for a monthly income that covers his and his family’s monthly expenses, any annual expenses such as health insurance premium, car premium or any other unforeseen expenses. Ramesh’s monthly expenditure is estimated at Rs 30,000 per month (annual expenses Rs 3.6 lakh) and with an estimated other annual expenditure of Rs 2 lakh, the total annual expenses shall be over Rs 5 lakh. With an additional expense for his education, an anticipated cash flow of around Rs 15 lakh per annum would be required for the next 3-4 years. There could be multiple ways to arrange for the same. He can take an education loan from banks and repay it after completion of the course / getting a placement. The second option is to meet the expenses from his own savings or have a mix of both of these options (partly loan and partly own capital). He can put aside around Rs 25 lakh in a bank account and withdraw Rs 5 lakh per annum to meet his expenses. In this case, he will be left with no money at the end of five years. His education in this case will be funded via an education loan. But if Ramesh fails to fetch a decent placement, then he may have to face a financial crisis. Monthly income Another option is to look for suitable investment schemes. To ensure a monthly income, money can be invested in post office schemes such as Monthly Income Schemes, which will ensure the investor meets the monthly expenses. Investment in high dividend yielding stocks can fetch him regular dividend income. The monthly returns from the above investment will help Ramesh cover his monthly expenses and also help him focus on the reason for a long break without worrying about the future. Also, the corpus invested will increase over time ensuring financial stability for his family. One should always be prepared for the worst. Having an emergency fund is very important as not every emergency expense can be covered by either insurance or the investments made for the sabbatical. Taking a break from your regular life is important. While a lot of us want it, very few end up taking it. If one is serious about taking a break in future, planning for finances and investing for the break becomes a necessity. When you do not work, your investment will definitely work for you. Financing a break Estimate annual expenditure of the household. Make suitable investments to meet your expenses during the sabbatical. Take a loan if you are taking a study break. Having an emergency fund is very important. (The writer is assistant professor, Amity Business School, Amity University) [ad_2] Source link

[ad_1] Fannie Mae has priced its fourth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $1.14 billion note offering backed by a reference pool of some 118,000 single-family mortgages valued at $36 billion. The offering is slated to close April 8, according to a presale review by the Kroll Bond Rating Agency (KBRA) and involves transferring a portion of the reference loan-pool risk to private investors through the CAS real estate mortgage investment conduit, or REMIC.  “With the completion of this transaction, Fannie Mae will have brought 48 CAS deals to market, issued over $55 billion in notes, and transferred a portion of the credit risk to private investors on just over $1.8 trillion in single-family mortgage loans, measured at the time of the transaction,” a Fannie Mae summary of the latest transaction states. Earlier this year, a Fannie executive said the agency, subject to market conditions, expects to issue $15 billion in notes through CAS transactions in 2022. This latest deal brings the agency, after slightly more than three months into the year, to about $5 billion in CAS notes issued — or about one third of the way to its annual goal. The states with the largest concentrations of mortgages in the loan pool for the latest offering, dubbed CASE Series 2022-R04, are California, 20%; Florida, 6.2%; Texas, 6.0%; Washington, 4.6%; and Colorado, 4%, according to KBRA. The leading originators for the loans in this latest offering and the percentage of loans originated in the reference pool are United Wholesale Mortgage, 6.9%; Rocket Mortgage, 6.1%; Homepoint, 5.3%; and Pennymac, 4.9%. Fannie, in announcing this latest CAS offering, notes that “the loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.” The loans in the reference pool have an average balance of $309,086, the KBRA report shows, and were acquired between April and May in 2021, according to Fannie. KBRA’s review of the offering notes, however, that nearly 32% of the loans in the reference pool were granted appraisal waivers.  “It should be noted that while the acceptability of a property value or sales price based on the use of proprietary models and market data is assessed, it does so without Fannie Mae having performed a property review or having obtained a valuation of the property,” the KBRA report states, referring to the appraisal waivers. “As a result, KBRA applied a broad valuation haircut to such loans.” KBRA also dinged the reference pool’s average loan-to-value (LTV) ratio relative to recent offerings made through the private label market. “The underlying reference obligations are characterized by original LTV ratios that are greater than 60%, but less than or equal to 80%,” the KBRA report states. “… While the reference pool’s weighted average LTV and combined LTV represent significant borrower equity and provide a margin of safety against potential home-price declines, both leverage ratios are somewhat higher than most of the recent non-agency prime RMBS transactions that KBRA has rated. “KBRA views higher levels of equity in the property to be among the best deterrents of default, particularly when home prices come under stress.” The initial Fannie CRT deal of 2022, CAS 2022-R01, involved a $1.5 billion note issued against a reference loan pool of 180,002 residential mortgages with an outstanding principal balance of $53.7 billion. CAS Series 2022-R02, the second offering this year, involved transferring loan-portfolio risk to private investors via a $1.2 billion note offering backed by a reference pool of 149,393 residential mortgage loans valued at $44.3 billion.  CAS Series 2022-R03 involved transferring a portion of the agency’s loan-portfolio risk through a $1.24 billion note offering backed by a reference loan pool of 150,395 primarily single-family mortgages valued at $44.4 billion.  “The FHFA has encouraged credit-risk transfer transactions as part of portfolio credit risk management, promoting partial reallocation of mortgage risk to private-market participants, and ultimately, reducing taxpayer exposure to borrower default and mortgage guaranty obligations,” the KBRA presale-rating report states. “… In most of those credit-risk transfer transactions, Fannie Mae transfers a significant portion of the losses they expect would be incurred in a stressed credit environment.”  The post Fannie hits $5 billion in risk-sharing with latest CRT deal appeared first on HousingWire. [ad_2] Source link