Fed Minutes show weak outlook, split on inflation. Minutes released yesterday from the August 5 FOMC meeting show the Fed expects weak economic growth and moderating inflation through to the end of the year, and committee members marked down their forecast for growth in the second half of this year and 2009. The central bank's interest-rate target remained unchanged at 2%, and though committee members expect to raise interest rates at some point, the timing of such a move is unclear since most committee members believe the interest rate is not too low given the current economic situation. Fed officials appeared divided on exactly how great a threat inflation poses and to what extent financial stress is weighing down the economy.
FDIC may replenish funds with Treasury loan. Increased bank failures have pushed the FDIC's reserve ratio to 1.01% ($45.2B), low by historical standards, forcing the FDIC to develop a restoration plan to replenish the fund. Risks remain high, with 117 banks on the FDIC's "problem" list compared to 90 in Q1. Chairman Sheila Bair said Treasury borrowing could be needed to cover short-term cash-flow pressures created from reimbursing depositors immediately after a bank failure. The loan would be repaid once the failed bank's assets had been sold. Washington regulators are concerned that the FDIC is turning to the Treasury after only nine bank failures, a move that underscores the weakness of the U.S. banking system in the wake of the credit crisis.
U.S. consumer confidence hits near-record low. ABC's weekly Consumer Comfort Index shows American consumer confidence fell to a near-record low as gasoline prices remained high, and inflation and unemployment continued to weigh down the economy. The index was down to -50 in the week to Aug. 24, one point lower than the previous week, and dangerously close to the all-time low of -51, reached in May.
S&P/Case-Shiller see housing decline moderating. S&P/Case-Shiller says broad-based declines in U.S. home prices continue. Q2 prices fell a record 15.4% vs. a year ago. It does see the decline moderating, and a possible bottom in some regions.
Source: SeekingAlpha.com
Crew Capital Management Thoughts on Investment
Welcome to the Crew Capital Management Thoughts on Investment blog. At Crew Capital, investment education is key to how we work with our clients. We hope our conversation and analysis entice you to think further on your investment strategies and planning. For further discussion, please contact us at rjung@crewcapital.com
Thank you!
Robert F. Jung, CFA CPA*
*CPA inactve
Thank you!
Robert F. Jung, CFA CPA*
*CPA inactve
Wednesday, August 27, 2008
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Crew Capital enters into a new client relationship only after it provides and obtains certain information. In addition, Crew Capital may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Every prospective Crew Capital client is provided with a copy of Crew Capital ’s Privacy Policy, Form ADV Part II and Form ADV Part II Schedule F. Also, the USA Patriot Act, passed in response to the events of September 11, 2001, requires certain financial service providers to request specific information from clients. Accordingly, Crew Capital acts to verify a potential client's identity and makes a risk assessment of their financial and business activities. Lastly, Crew Capital will not provide any investment advice or supervision without a fully executed Investment Advisory Agreement.
As a registered investment adviser, Crew Capital is required by rule to adopt and enforce a code of ethics that establishes the standards of conduct expected of all employees and reflects our fiduciary duties. A copy of Crew Capital’s Ethics Policy will be provided to any client or prospective client upon request.
Nothing on this web site shall be construed as advice to any particular investment need or investor. All references regarding investment or portfolio returns are based on historical data. One should not assume that this performance will continue in the future as past performance or results are not an indication of future performance or results.
Certain portions of Crew Capital’s web site (i.e. books, newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Crew Capital’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or substitute for, personalized advice from Crew Capital or from any other investment professional. Crew Capital is neither an attorney nor accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.
At certain places on this site, live "links" to other Internet addresses may be accessed. Such external Internet addresses contain information created, published, maintained, and otherwise posted by institutions or organizations independent of Crew Capital. Crew Capital does not endorse, approve, certify, or control these external Internet addresses and does not guarantee or assume responsibility for the accuracy, completeness, efficacy, timeliness, or correct sequencing of information located at such addresses. Use of any information obtained from such addresses is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference therein to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by Crew Capital.
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