Category Archives: Interest Rates

What happens when the Fed raises rates

St. Louis Fed President James Bullard ended by Business Insider to share with you the potential economic consequences of greater rates of interest.

Originally published on Business Insider on October 28, 2015.


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Interest Rates Liberalization

Copyright (c) 2013 Morgan D

The financial restructuring process involves numerous stakeholders and competing interests. Managing the various agendas is difficult yet essential in achieving a viable plan. Restructuring is a complex undertaking, with comprehensive legal ramifications that must be addressed proactively in order to avoid larger problems down the road. Financial restructuring can be accomplished with a private work out or formal bankruptcy which can include liquidation or reorganization. Poorly thought-out and badly executed acquisitions and mergers, rapid technological change, corporate accounting scandals and sudden shifts in capital markets are some of the reasons many organizations of different size and makeup find themselves in financial difficulties.

In some instances, a comprehensive “turnaround” is needed, involving corporate strategy, business, management and finances. In other situations, it is principally a financial restructuring that is required. Closely with debt holders, shareholders, creditors, insurers and prospective purchasers in restructuring financially distressed organizations, offer a variety of financial services: Carrying out an early-stage analysis of the distressed enterprise, focusing on near-term cash generating potential, followed by longer-term strategic assessment. .

Employing various valuation methodologies to appraise an entire enterprise or its constituent parts in a timely and efficient fashion. Acting as financial advisor to a company undergoing reorganization, or a liquidation. Expert Testimony Acting as an expert witness, providing consultation and testimony in connection with judicial and administrative proceedings.

In 1999, after experiencing liquidity problems, only one non-bank financial institution was placed under statutory management. The year was spent striving to restructure the five banks placed under statutory management in 1998. This was done by the statutory managers assisted by committees of depositors and one of the banks was re-opened in August, 1999. In the course of year 2000, two of the other institutions were re-opened and one was placed under liquidation while one non-bank financial institution is still under statutory management. The restructuring model adopted in the case of the three banks that have been re-opened has been by capitalizing the banks through conversion of deposits to equity with depositors becoming shareholders. However, the asset side of the respective balance sheets is still weighed by the huge portfolio of non-performing loans and their ultimate survival will depend on the success of the recoveries.

However, the banks are struggling to attract new business with varying degrees of success. The restructuring of the National Bank of Kenya which had also faced liquidity problems in 1998 continued. While the main shareholders supported the bank by providing assistance in terms of long-term loans, the stability and continued solvency of the bank will be ensured only by injection of equity. Liquidation is the collection and disposal of borrowers asset , it is the determination of the firm as a going concern , it involves selling the assets of the firm for salvage value , the proceeds net of transaction cost are distributed to creditors.

Chapter 7 of the bankruptcy reform act of 1978 deals with straight liquidation, the following sequence if events is typical. A petition is filled in a federal court .Corporation may file a voluntary petition or involuntary. A trustee in bankruptcy is elected by the creditors to take over the assets of the debtor corporation. The trustee will attempt to liquidate the assets. When the assets are liquidated after payment of the cost of administration, assets are distributed among the creditors. If any asset remains after expense and payment to creditors they are distributed to share holders. An involuntary bankruptcy petition may be filled by creditors if both the following conditions are met. If the corporation is not paying debts as they become due and if there are more than 12 creditors. Priority claims Once a corporation is determined to be bankruptcy, liquidation takes place, the distribution of proceeds of the liquidation occurs according to the following priority:

In economic theory, supply is the amount available for sale or the amount that sellers are willing to sell at a specified price, and demand, sometimes called effective demand, is the amount purchasers are willing to buy at a specified price. When interest rates increase, demand for funds decreases as it becomes more expensive to borrowers. The result of shortage of funds is less spending and consumption, as people do not have sufficient funds for consumption. The same is translated into less production of goods and services and employee layoffs in an attempt to cut down on production cost. Conversely, an increase in interest rates encourages savings and promotes less consumption of goods and services. Foreign direct investments increase and the exchange rate come down as a result of an appreciation of the domestic currency.

The anticipated levels of interest rates in the future are bound to go up as a result of World Bank pressure arguing that the current interest rates are not a true reflection of the true macro-economic variables and the escalating oil prices. Despite the governments effort to keep interest rates low with a belief that this policy will keep the costs of funds by financial institutions low and thereby provide cheap which will in turn promote development through increased investment, the pressure from the International monetary Fund and the World Bank continue to build up.

The other reason why interest rates are bound to go up is the edge that commercial banks have taken to influence the exchange rate of the domestic currency. In an attempt to make up for the low interest regime that has prevailed in since 2003, banks have increased the spread between the bid and offer prices of the local currency. Since Kenya is a net importer, the effect has been a reduction in the quantity of capital goods imported into the country. Although emphasis in the literature on sequencing of financial reforms is first of all on achieving macroeconomic stability and other sector liberalization before financial liberalization, the process in Kenya shows that:

Financial liberalization was followed by other reforms, including trade liberalization. Macroeconomic economic stability was not achieved before liberalizing interest rates. And even immediately after the liberalization of interest rates, inflationary pressure was increasing, making it impossible to achieve real interest rates. · Fiscal deficit was growing and increasingly financed from the local market using treasury bills. Credit controls were relaxed when the banking sector was experiencing high liquidity and there were no prospective investment opportunities. This shows that the prerequisites for financial liberalization and decontrol of interest rates were not put in place. The expectation in theory is that with liberalization, interest rates will be positive in real terms and with increased efficiency in intermediation, the spread between the lending and deposit rates will narrow. Study shows that:

Positive real interest rates were not achieved until 1996 when inflation rate took a downward trend. But, prospects of keeping them positive are narrow with the upward trending inflation rate beginning in 1997. The spread between lending and deposit rates widened with liberalization, while the short-term rates increased at a faster rate compared with long-term rates resulting in a negatively sloped yield curve. · The Treasury bill rate operated as the yardstick for short-term rates. Commercial banks increased deposit rates to compete for the deposits held by the non-banking public. · Clearly, efficiency has not been achieved in intermediation of financial assets. This was reinforced by the oligopolistic structure of the market, where the sector is dominated by a few commercial banks.

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Federal Reserve Bank of Dallas President Robert Kaplan on whether Fed Chair Janet Yellen will raise interest rates in December.
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More Interest Rates Articles

When Interest Rates Rise: Winners and Losers

WSJ rounds up just who stands to profit and drop probably the most whenever the Federal Reserve decides to raise interest rates.

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Getting the Best Home Loan Interest Rates

Interest rates are a very important deciding factor in comparing home loans. Interest rates are always a hot topic because they determine how much your home will ultimately cost and how much you make in payments every month. Even the slightest difference in interest rates can make the biggest change in your monthly payments.

Different Kinds Of Interest Rates

When looking for the best home loan interest rates, it helps to understand about the cash interest rate. The Reserve Bank of Australia determines the “cash” interest rate and it is reviewed on a monthly basis. Companies that provide the credit for home loans will set their own interest rates that will coincide with the cash rates.

The Variable Rate

The variable rate is a home loan interest rate that responds to the cash rate and will increase or decrease as determined by the providing company. If the cash rate declines, then the variable rate will often decline also, therefore making your payments less. Usually there are no restrictions either, under this home loan, for making additional payments to pay off your loan more quickly.

Alternately though, if the cash rate increases, the loan amount usually will increase also. Of course, this makes your repayment more. This can happen even if the cash rate does not increase. You are at the mercy of the loan provider. This may make it difficult to budget your monthly expenses and it might be a very wise idea to have reserves built up so that you can adjust your repayments when necessary.

The Fixed Rate

The fixed home loan interest rate is much like it sounds. You will be allowed to lock in an interest rate for a set period of time, usually one to five years. This type of loan protects you from fluctuating rates, as in the variable rate above, allowing you to plan your finances accordingly.

The disadvantage to this is that you will not benefit if the rates decrease during the course of your loan. You may also receive penalties for making additional payments or paying back the loan earlier than when it is due. You may also be charged a considerable fee if you decide to end the fixed period earlier, especially when you are looking to end it early due to better home loan interest rates.

Interest rates are a very important deciding factor in comparing home loans. Interest rates are always a hot topic because they determine how much your home will ultimately cost and how much you make in payments every month. Even the slightest difference in interest rates can make the biggest change in your monthly payments.

Different Kinds Of Interest Rates

When looking for the best home loan interest rates, it helps to understand about the cash interest rate. The Reserve Bank of Australia determines the “cash” interest rate and it is reviewed on a monthly basis. Companies that provide the credit for home loans will set their own interest rates that will coincide with the cash rates.

Tomorrow Finance provides tools to compare home loans from Australia’s lenders. When you find the best home loan rates, you save!

Current Interest Rates, Never-Ending Changes

interest rates
by Internet Archive Book Images Current rates of interest are basically specified as existing prices used on either borrowed properties, or generated income by deposited sum of funds. Of training course, by that interpretation existing passion rates will certainly establish the quantity of the extra number we need to pay after the major borrowed properties, along with ‘benefit’we’ll obtain for our deposited cash. Nevertheless, the rates of interest will certainly never ever remain the exact same, as it’s changing from days to days. Due to its essential function on a person’s financial life, there are nowadays a whole lot of specialists that watch on where present rate of interest prices could going. Realty and banking sectors could be kept in mind as the impacted-directly-industries as a result of transforming existing rates of interest. As a result of its inconstant position, there are several elements impacting the number of current passion

rates. Among them is globe’s well known as well as memorial days. Take example Christmas day which occurs yearly on the recently of month of December. The existing rates of interest had actually been reported at variety of 0.50%, making it eight months in row. Yet it has been lately reported that charge card companies are jumping the present interest up, as high as 7 percent prior to Xmas day. That suggests customer will have to pay a lot more for their Christmas gifts, or New Year schedules. That took place in the United Kingdom. Unfortunately, consumers didn’t like that and also saw it as’legalized distortion’. They don’t really feel comfy paying the passion greater compared to they had ever paid, well, it is all-natural that no one wishes to pay additional burden. For sample situation, a person whose standing quantity is ₤ 100 will however have to pay the arisen passion from ₤ 126 to ₤ 154. The result can be obviously seen, and also really felt. For your information, existing interest prices in the Kingdom is established by the Bank of England. Allow’s chat concerning one more side of present rate of interest, as not just does it bring’ burden’to consumers, it also brings consumers added benefit upon customer’s deposited loan. In the Kingdom, interest is typically supplied by financial institutions or various other monetary establishments where consumer could transfer a few of their cash. The interest relied on day-to-day basis but is provided monthly, or often annually. Unlike the credit history or mortgage rate of interests, cost savings interest is generally decreasing instead of up. Nonetheless, nobody intends to provide cash for totally free, doesn’t he? Well, at the very least not while like these. It is extremely simple to listen to and watch, either newspaper or radio, that existing interest rates of savings is less than ever before, while present rates of interest for car loan is higher compared to ever before. Does the present rate of interest upon customer’s saving accounts constantly aid them bring-home-the-bacon? Simply answer is no. A year before, one problem in the Kingdom showed up externally.

By the year of 2008, it has actually been widely reported that UK’s big financial institutions reduced the rate of interest down on consumer’s saving accounts. Those banks were Halifax, NationWide, Intelligent Money, Lloyd TSB and 2 other constructing cultures. Mr. Andrew Hagger, a specialist in sector globe, mentioned that something that could be a best purchase for today may not coincide thing in 3 weeks time or a month. Regrettably, he is right as well as no one should prevent dealing with such a reality. Simply bear in mind that current rate of interest rates, either for ‘concern’or ‘bonus offer ‘, sometimes does not provide us what we desire, vice versa it takes everything we own. To find out a lot more about present rates of interest as well as debt consolidation lending

Relationship between bond prices and interest rates | Finance & Capital Markets | Khan Academy

Why bond prices move inversely to changes in interest rate. Created by Sal Khan.

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Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy.

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Double-Digit Interest Rates Just Don’t Make Sense

The $ 64 trillion question right now is “inflation versus deflation.” Which one of them are we going to get? There are logical arguments on both sides of the divide.

Those who expect inflation point to the trillions of dollars pumped into the system. (And in fact the European Central Bank upped the ante even further this week, with a record $ 620-odd billion worth of liquidity flooded into euro-zone money markets.) It’s said that this ocean of cash will have to be mopped up at some point, and the central banks won’t be able to do it fast enough.

In contrast, those who see deflation point to a collapse in credit and sharp downward lurch in wages. They argue that the vicious contraction in global output – the economic equivalent of a massive heart attack – has taken the all-important “money multiplier” effect and thrown it into reverse gear. When deflationists survey the pocked and cratered landscape, they see an aftermath of destruction far more epic than the few trillions being tossed into the gaping hole.

In the long run, your humble editor plants his feet squarely in the inflation camp. It seems clear we will reach the inflation destination by one of two roads. Either the global economy comes roaring back with a vengeance, or the crushing weight of debt (perhaps further weighted by a second banking crisis) spurs mass-monetization of government debt – the “printing of dollars with which to buy bonds,” a phrase which by now may be tattooed on some of your brains.

A Perplexing Idea

The inflation camp endorsement comes with a small caveat and a large disagreement.

The small caveat has to do with timing. It just isn’t clear when rip-roaring inflation will come. We are already seeing upward price pressure in food and gasoline, for example, but that is matched by distinct downward pressure in wages (as the deflationists point out).

For inflation to really be considered “rip-roaring” (to pick a phrase), it should be eliciting angry headlines in the local paper, rather than just angry grumbles from cranky finance types. We aren’t there yet. When will we get there? Very hard to say. Two months, six months, 16 months… all we can do is wait and see.

The large disagreement has to do with a strange idea being passed around. Perhaps you are familiar with this idea and can help me puzzle it out.

The gist of it goes like this. When rip-roaring inflation comes back, some folks say, it will usher in a new era of sky-high interest rates.

As a result of rampant inflation, long-term interest rates could rise to the double-digit level of the early 1980s, these folks say… and maybe even higher. Therefore, the big play is to short the heck out of Treasury bonds (which fall as interest rates rise), which can be done by purchasing an inverse bond ETF like TBT.

I have heard (or read) this double-digit interest rate argument multiple times now. In one or two cases it has come from very smart people.

That’s why I’m confused (and maybe you can help). The prospect of double-digit interest rates just makes no sense to me. That, in turn, makes it hard for me to get excited about shorting bonds.

An Economy Killer

The trouble, as I see it, is that sufficiently high interest rates, let alone double-digit ones, are an economy killer.

Over the past decade, long rates have not gone much higher than 6.5%. And that was only for a very brief window of time as the year 1999 passed into the year 2000, before the dot-com bubble had well and truly burst.

Since then, long rates have trickled down and down, even as consumer leverage (via mortgages and home equity loans and credit cards) went up and up. Now, as we know all too well, the U.S. economy (and the U.S. consumer in particular) is saddled with a groaning amount of debt. Every uptick in rates makes that debt burden heavier. When long-term interest rates rise, mortgages get more expensive. Hopeless financial situations become even more hopeless. Credit card delinquencies – which just hit a new record level by the way – become even more delinquent.

The point is, an economy burdened with debt is like a thin, frail man with a 250-pound Saint Bernard sitting on his chest. Sending interest rates higher is like weighing down the Saint Bernard with saddlebags full of cement. It becomes all too easy to crush the poor man’s lungs and rib cage entirely.

Good Old Von Mises

That leads to something else that puzzles me. We in the publishing world – or at least the Agora family’s rather large corner of that world – fancy ourselves students of Austrian economics. (On thinking hard to come up with a fellow editor who calls himself Keynesian, I’m drawing a total blank.)

In regards to the Austrian school, I hate to once again play on an old tune I’ve been whistling since 2005. But it seems appropriate to (gulp) once again share the words of Ludwig Von Mises here:

There is no means of avoiding the final collapse of a boom expansion brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

The “Von Mises prophecy” – my term for the above paragraph, as these words essentially predict the grand thing that is unfolding before us now – essentially offers a forced choice.

When a government has taken the easy-money boom into dangerous territory, they can either swear off the juice while there is still time to repent… or they can wait until it’s too late, at which point a “final and total catastrophe of the currency system” is the end result.

What does this have to do with double-digit interest rates, you ask? Well, if Von Mises were here, I think he would point out that it is already too late for double-digit interest rates. They are too much of an economy killer now.

We might have been able to stand them, say, six or seven years ago, had Alan Greenspan embraced a program of painful austerity rather than doubled down in the creation of a new housing bubble.

But as it stands now, we are too far down the path. We have passed through Von Mises’ “sooner” and wound up at the point of “later,” in which the only long-run option becomes monetizing the debt.

Monetizing the debt is the means by which the “final and total catastrophe” comes about… and ironically, it comes as a desperate, last-ditch attempt on the part of the central bank to avoid double-digit interest rates. The progression goes something like this:

* The debt burden becomes too great, and Treasury bonds go into freefall of their own accord.

* This freefall threatens to send interest rates skyward – to 5%, 6%, beyond.

* The Federal Reserve, recognizing that high interest rates are an economy killer at this stage, finds that its panoply of options has been reduced to one. To head off the onslaught of high interest rates, it must buy bonds in great quantity. And it must buy those bonds in great quantity with printed dollars.

* This forced exchange – the exchange of bonds for printed dollars – is the process by which double-digit interest rates are avoided… and also the process by which the Von Mises prophecy comes true, as the integrity of the currency in question becomes thoroughly, utterly and definitively destroyed.

This all seems pretty clear to me. Von Mises laid out the final trade-off, and we only need look around to see how weak and fragile the global economy is (let alone that of the United States).

One Other Way, But…

There is one other, improbable but feasible route by which we could wind up with double-digit rates. If the global economy (and the U.S. economy) comes roaring back so hard, and so fast, that all of a sudden the world were strong enough to handle double-digit rates again, then the central bankers could sit back and let rates soar.

But a scenario like that would be one in which the price of oil is on its way back to $ 200, the price of base metals and grains are on their way to tripling, and emerging market equities are on their way into the stratosphere. In such a raging bull world, would one really give a fig about shorting bonds? I hardly think that was the scenario that the double-digit meisters had in mind…

What do you think? Am I missing something in being not too excited about the short bond trade, or does the logic add up? Let me know: (And by the way, we’ll get back round two of the mafia tales next week.)

Justice Litle is Editorial Director for Taipan Publishing Group. He is also a regular contributor to Taipan Daily, a free investing and trading e-letter, editor of Taipan’s Safe Haven Investor and Justice Litle’s Macro Trader.

Interest Rates In The UK

Interest rates have a direct impact on everyone’s finances, whether it’s their mortgage payments, credit card bills or savings account. Interest rates hit 40-year lows in Canada and the United States early in 2004. Interest rates are based on the borrower’s underlying loans’ primary rates and do not include discounts for interest reduction benefits. Firms are worried that rising interest rates will continue to increase the strength of the pound against the US dollar, thus making life more difficult for exporters. Some two million Americans who took out adjustable rate mortgages will see their interest rates reset to a higher rate this year, and many cannot afford to pay the higher bills. Lower interest rates could also bolster consumers, since credit cards are often pegged to short-term rates. Typically, for every forecast of increasing interest rates there is a forecast of decreasing rates. The revised interest rates on deposits would be applicable only to fresh deposits and on renewal of maturing deposits. You see, long-term interest rates like the rates on fixed-rate mortgages are based more on expectations of the future than on what happens right now. UK banks offer a variety of banking services and accounts. It goes without saying that it costs more to borrow money when interest rates increase. All other short-term interest rates, including home equity loans rates, are tied to it.

Mortgage Rates

More than one in four mortgage applications are turned down. On the other hand, if you’ve paid off your mortgage and have a whack of cash lying around, higher rates mean the bank will pay you more to let your money sit with them in savings accounts or GICs. Beyond that, these mortgages have been packaged and sold as securities around the world, spreading the problems in housing to many credit markets. But mortgage rates, which have been falling, are more widely linked to long-term interest rates. You may be inclined to blame-or commend-your mortgage lender for the low or high rate she offers you; but in actuality, it’s not her decision. Where mortgages or secured loans are explained do remember that your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Credit Cards

Interest rates have a direct impact on everyone’s finances, whether it’s their mortgage payments, credit card bills or savings account. Variable mortgage rates and other floating rate loans like lines of credit move up and down in lock step with the prime lending rate. Beyond that, these mortgages have been packaged and sold as securities around the world, spreading the problems in housing to many credit markets. Lower interest rates could also bolster consumers, since credit cards are often pegged to short-term rates. The actual rates and fees applicable to your loan may vary from these numbers, depending on the school you attend and credit history. Who would have thought that the bank most hurt by the credit crunch would turnout to be the Bank of England.

Fred Inance writes about Interest Rates in the UK.

Related Interest Rates Articles

Finding the Best Credit Card Interest Rates in the UK and Worldwide

Whether you have got a good amount of plastic or perhaps you are trying to get very first one, one thing that you should be conscious of is the rates of interest. Locating the most useful credit card interest rates in britain and worldwide can at first sound daunting. When you use plastic there clearly was a rate interesting that pertains for but very long extent recharged stays outstanding.

While there are many reasons to pay your credit card bill once it becomes due, there are numerous circumstances in which you will dsicover your self in times where the rate of interest becomes important.

Credit card interest levels in the united kingdom in addition to US take the up, the price that businesses provide their customers varies wildly. Typically, it may be between 7 per cent to as high as 36 %. There are lots of aspects that affect the rate of interest that you are offered. Some banks and boat finance companies merely have greater interest rates than others, that is something you can discover if you are applying. It is always advised that you take a look around for top rate of interest.

The thing that many impacts your rate of interest is your past credit score. If you have bad credit, your overall organization will think about your threat of nonpayment greater. In order to make sure they’re going to recover the income, they’ll enforce an increased rate of interest in your account.

How will you find the best credit card interest rate in the united kingdom well interest rates in britain are not written in stone. There are many activities to do to lessen a top interest on the existing account. The very first thing that can be done is call your bank card company. Before you do this, attempt to be sure that you have a good history together with them before this, that you have compensated your bills immediately. Politely point out your good credit score and request a reduced interest rate. Credit prices are a good deal more fluid than many people believe and there’s a high probability that your interest rate would be lowered then and truth be told there.

If you can’t secure a lower interest with your own business, it is time to start looking available for a institution which much better. Equipped with a history of great credit and prompt repayments, it is possible to find a charge card organization that provide positive prices.

A very important factor to consider as of this juncture is to read all the fine print. In the event that rate of interest is too good to be true, it usually is. If you see a business that gives a 3 per cent rate of interest, make sure it is not simply an introductory provide, that’s, the one that expires over a certain amount of time. After a couple of months at a 3 % interest, many times your self with an intention price of 10 to 20 percent if you’re perhaps not mindful!

If you will get a line of credit through a credit union, additionally they are apt to have better discounts and interest levels, you typically need to be associated with whatever hosts the credit union, like a university or a corporation.

The one thing for certain, locating the best credit card interest rates in britain in addition to American is always packed with surprises! There are many activities to do to reduce your interest rate, so cannot postpone! Discover a company that may provide you with the low interest you deserve.

Credit card rates of interest in the UK and all over the world features intriqued Dr S for several years. Locating the most readily useful bank card interest levels in britain is a minefield if you fail to research properly due to the fact long-term accrued interest debt can be very discerning .

best bank card rates of interest in the united kingdom and also the American