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In the News

08 October 2019   |  

A smattering of global headlines.

Investors Should Fear More Competition Among Ratings Companies
Does competition among ratings agencies tend to lower the bar or raise it? The evidence presented here would suggest it lowers the bar. Perhaps the way to address the ratings agencies is to fundamentally restructure the business model—for example, if potential buyers paid for ratings, instead of the issuers, agencies would have an incentive to provide an accurate rating to the buyer, rather than satisfy the issuer they were looking sufficiently favorably on their business. Just one idea (with its own flaws—no solution is perfect). 

US Government Bond Yields Edge Away From 2019 Lows
Though they’re hardly rocketing higher—Treasury yields are within 0.1 percentage point of the 2019 low. And with the majority of Fed watchers anticipating another cut later this month, odds are rates are biased lower, not higher, in the near term.

Italy Revels in Global Bond Rally to Bring Down Its Cost of Debt
Given how recently Italy was in dire fiscal and economic straits—not to mention its ongoing political upheaval—it’s remarkable to see the country paying historically low 10-year rates.

Japan Data Point to Bigger Than Expected Hit From Sales Tax Rise
PM Abe followed through on a consumption tax increase, raising the rate from 8% to 10%. While it’s inarguable Japan has a mountain of debt, it seems counterintuitive to institute a tax hike—which likely weighs on economic activity, rather than generates the anticipated income.

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