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Haolovefood

Haolovefood

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2021-06-08

Waiting to buy the dip

2021-03-26

$GameStop(GME)$Gotta hold onnn

2021-03-20

Nice

Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>

2021-03-20

Nice

Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>

2021-03-20

$Roblox Corporation(RBLX)$Yay finally got to buy some of my favourite gaming company

2021-03-19

Cool

抱歉，原内容已删除

2021-03-10

$GameStop(GME)$I told myself not to buy meme stock... lol

2021-03-10

$Tesla Motors(TSLA)$It’s a good day

2021-03-09

$Apple(AAPL)$Just bought in at 118.9. Excited 😁

2021-03-08

Can’t wait for Roblox to open

2021-03-04

Wow

抱歉，原内容已删除

2021-03-04

Nice

3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>

2021-03-04

Nice

3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>

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to buy the dip","listText":"Waiting to buy the dip","text":"Waiting to buy the dip","images":[{"img":"https://static.tigerbbs.com/a0053b2b4d21ea0ceed9695b1a318d07","width":"1125","height":"2662"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117784325","isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":358232262,"gmtCreate":1616692764756,"gmtModify":1634524509537,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>Gotta hold onnn","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>Gotta hold 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23:12","market":"us","language":"en","title":"Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117450855","media":"marketwatch","summary":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration o","content":"<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-03-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117450855","content_text":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.\n\nFederal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”\nIn an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.\n“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.\nPowell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.\nThe central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.\nWith economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.\nIn the op-ed, Powell said the situation “is much improved.”\n“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.\n“I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.\nOn Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.\nThe Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.\nYields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.\nStocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350895768,"gmtCreate":1616172867254,"gmtModify":1634526856034,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350895768","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350170981,"gmtCreate":1616169918343,"gmtModify":1631885618341,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>Yay finally got to buy some of my favourite gaming company","listText":"<a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>Yay finally got to buy some of my favourite gaming company","text":"$Roblox Corporation(RBLX)$Yay finally got to buy some of my favourite gaming company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/350170981","isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327231917,"gmtCreate":1616084959040,"gmtModify":1634527290644,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327231917","repostId":"2120163660","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321921592,"gmtCreate":1615389663316,"gmtModify":1703488402825,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>I told myself not to buy meme stock... lol&nbsp;","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>I told myself not to buy meme stock... lol&nbsp;","text":"$GameStop(GME)$I told myself not to buy meme stock... lol","images":[{"img":"https://static.tigerbbs.com/860320d2d3436dcef8f1cadfc8c62dc9","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/321921592","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":323855920,"gmtCreate":1615333809660,"gmtModify":1703487421408,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>It’s a good day","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>It’s a good day","text":"$Tesla Motors(TSLA)$It’s a good day","images":[{"img":"https://static.tigerbbs.com/28dc65b1e575d8d3f909aca54806b103","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/323855920","isVote":1,"tweetType":1,"viewCount":1121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329883352,"gmtCreate":1615220340376,"gmtModify":1703485948445,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Just bought in at 118.9. Excited 😁","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Just bought in at 118.9. Excited 😁","text":"$Apple(AAPL)$Just bought in at 118.9. Excited 😁","images":[{"img":"https://static.tigerbbs.com/6dcd5c84b7f36d14f39cfb598de0cca1","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329883352","isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329839834,"gmtCreate":1615219057428,"gmtModify":1703485919794,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Can’t wait for Roblox to open&nbsp;","listText":"Can’t wait for Roblox to open&nbsp;","text":"Can’t wait for Roblox to open","images":[{"img":"https://static.tigerbbs.com/7ff7389f984e644d2d8b173c3b24b09a","width":"1125","height":"2620"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329839834","isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":364910138,"gmtCreate":1614791972724,"gmtModify":1703481285008,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/364910138","repostId":"1119372981","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364937483,"gmtCreate":1614791942042,"gmtModify":1703481284488,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/364937483","repostId":"1173765086","repostType":4,"repost":{"id":"1173765086","kind":"news","pubTimestamp":1614779616,"share":"https://www.laohu8.com/m/news/1173765086?lang=zh_CN&edition=full","pubTime":"2021-03-03 21:53","market":"us","language":"en","title":"3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173765086","media":"motley fool","summary":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stoc","content":"<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">motley fool</strong><span class=\"h-time small\">2021-03-03 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/\">motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TEVA":"梯瓦制药","AGNC":"美国资本代理公司","SSRM":"SSR Mining Inc"},"source_url":"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173765086","content_text":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.However, a 90-year study (1926-2015) fromBank of America/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With theS&P 500's Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.1. AGNC Investment Corp.The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)AGNC Investment Corp.(NASDAQ:AGNC).Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.IMAGE SOURCE: GETTY IMAGES.2. SSR Mining Inc There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,SSR Mining(NASDAQ:SSRM)could be the company to consider.To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.IMAGE SOURCE: GETTY IMAGES.3. Teva Pharmaceutical Industries Ltd. Finally, patient value investors can get richer by adding brand-name and generic drug-developerTeva Pharmaceutical Industries(NYSE:TEVA)to their portfolio.Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.","news_type":1,"symbols_score_info":{"TEVA":0.9,"SSRM":0.9,"AGNC":0.9}},"isVote":1,"tweetType":1,"viewCount":543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364937809,"gmtCreate":1614791925001,"gmtModify":1703481283452,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/364937809","repostId":"1173765086","repostType":4,"repost":{"id":"1173765086","kind":"news","pubTimestamp":1614779616,"share":"https://www.laohu8.com/m/news/1173765086?lang=zh_CN&edition=full","pubTime":"2021-03-03 21:53","market":"us","language":"en","title":"3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173765086","media":"motley fool","summary":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stoc","content":"<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3只价值股票会让你在三月份（及以后）变得更富有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">motley fool</strong><span class=\"h-time small\">2021-03-03 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合耐心的投资者。</b>十多年来，成长型股票让价值型股票黯然失色。历史上较低的贷款利率和创纪录的长期牛市抑制了投资者寻找改变游戏规则的成长型股票的兴趣。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&amp;P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项为期90年的研究（1926-2015）<b>美国银行</b>/美林发现价值股长期表现更好。此外，历史上，价值股在经济复苏的最初几年表现优于大盘。与<b>标普500</b>席勒市盈率高于近二十年来的水平，关注价值很可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们进入三月份，以下三只价值股票特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1.AGNC投资公司。</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>价值投资者首先要考虑进入其投资组合的股票是抵押房地产投资信托基金（REIT）<b>AGNC投资公司。</b>（纳斯达克：AGNC）。</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不过度技术性的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券(MBS)）的公司。他们收到的收益率和他们支付的借款收益率之间的差额称为净息差（NIM）。净息差越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线变平或美联储快速改变利率时，抵押房地产投资信托基金的净息差通常会萎缩。相比之下，当收益率曲线变陡时（通常发生在经济复苏的头几年），净息差就会扩大。随着收益率曲线变陡，AGNC应该能够利用杠杆优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对AGNC感兴趣的另一件事是，italmost专门投资于机构专用证券。这意味着如果发生违约，AGNC购买的MBSs将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使AGNC能够充满信心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC上周收盘价比其账面价值低10%，并有望向耐心的投资者支付9%的年收益率。在动荡的市场中，这看起来是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿更适合推动价值股。自今年年初以来，黄金股一直遭受重创，现在看起来非常便宜。如果您正在寻找便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受到其生产的基础金属的支配。自7个月前见顶以来，每盎司黄金价格已下跌约300美元。然而，与过去十年的大部分时间相比，它仍然显着上升，其前景仍然光明。美联储的量化宽松措施（即每月购买国债），加上持续的财政刺激，可能会使美国货币供应膨胀，并给美元带来压力。由于美元和黄金呈反比关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining还将从与土耳其Alacer Gold的平等合并中受益。该交易于去年完成，使SSR的产量潜力几乎翻了一番，达到每年720,000黄金当量盎司(GEO)至800,000 GEO之间。其中85%以上是黄金，阿根廷普纳业务到2021年将生产600万至700万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管SSR Mining 2021年的总维持成本（AISC）为1,050美元/金盎司至1,110美元/金盎司，略高于同行，但这与该公司增加其长期旗舰Marigold矿的资本支出有关，以及推进Alacer的Copler矿的开发。即使AISC较高，SSR管理层仍预计未来两年每年将获得4.5亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining拥有整个黄金行业中最健康的资产负债表之一。截至年底，该公司拥有8.6亿美元的现金和现金等价物以及4.57亿美元的净现金头寸。该公司还将于2021年3月31日支付0.05美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以以2021年每股收益约7倍和现金流约4倍的价格收购SSR Mining。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a>  </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司。</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更富有<b>梯瓦制药工业公司</b>（纽约证券交易所代码：TEVA）到他们的投资组合中。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：如果没有一些严重的错误，一只股票不会下跌近90%。几年前，梯瓦(Teva)为仿制药制造商阿特维斯(Actavis)支付了过高的价格，其前任管理团队解决了贿赂指控。最近，它面临着仿制药价格疲软的问题，并受到了大量诉讼的打击，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自2016年以来遭受重创是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其扭亏为盈感到兴奋。梯瓦最大的催化剂是其首席执行官卡雷·舒尔茨(Kare Schultz)。舒尔茨是一名扭亏为盈专家，于2017年11月接任，预计将至少在公司工作到2023年11月。在他任职期间，截至2020年底，梯瓦的净债务已从340亿美元以上下降至不到240亿美元。这是通过出售非核心资产、每年减少约30亿美元运营费用以及使用运营现金流偿还债务来实现的。到2023年底，净债务可能低于150亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物Copaxone的独家经营权。Copaxone曾经是一种每年40亿美元的药物，预计到2021年将产生10.5亿美元的销售额。好消息是，Austedo和Ajovy的增长现在足以抵消Copaxone的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>梯瓦的预期市盈率仅为4，看起来它的定价似乎是针对最坏情况的。但如果舒尔茨能够与司法部就剩余的诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/\">motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TEVA":"梯瓦制药","AGNC":"美国资本代理公司","SSRM":"SSR Mining Inc"},"source_url":"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173765086","content_text":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.However, a 90-year study (1926-2015) fromBank of America/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With theS&P 500's Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.1. AGNC Investment Corp.The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)AGNC Investment Corp.(NASDAQ:AGNC).Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.IMAGE SOURCE: GETTY IMAGES.2. SSR Mining Inc There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,SSR Mining(NASDAQ:SSRM)could be the company to consider.To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.IMAGE SOURCE: GETTY IMAGES.3. Teva Pharmaceutical Industries Ltd. Finally, patient value investors can get richer by adding brand-name and generic drug-developerTeva Pharmaceutical Industries(NYSE:TEVA)to their portfolio.Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.","news_type":1,"symbols_score_info":{"TEVA":0.9,"SSRM":0.9,"AGNC":0.9}},"isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":350170981,"gmtCreate":1616169918343,"gmtModify":1631885618341,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>Yay finally got to buy some of my favourite gaming company","listText":"<a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>Yay finally got to buy some of my favourite gaming company","text":"$Roblox Corporation(RBLX)$Yay finally got to buy some of my favourite gaming company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/350170981","isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":321921592,"gmtCreate":1615389663316,"gmtModify":1703488402825,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>I told myself not to buy meme stock... lol&nbsp;","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>I told myself not to buy meme stock... lol&nbsp;","text":"$GameStop(GME)$I told myself not to buy meme stock... lol","images":[{"img":"https://static.tigerbbs.com/860320d2d3436dcef8f1cadfc8c62dc9","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/321921592","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":323855920,"gmtCreate":1615333809660,"gmtModify":1703487421408,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>It’s a good day","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>It’s a good day","text":"$Tesla Motors(TSLA)$It’s a good day","images":[{"img":"https://static.tigerbbs.com/28dc65b1e575d8d3f909aca54806b103","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/323855920","isVote":1,"tweetType":1,"viewCount":1121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":350895768,"gmtCreate":1616172867254,"gmtModify":1634526856034,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350895768","repostId":"1199154789","repostType":4,"repost":{"id":"1199154789","kind":"news","pubTimestamp":1616164372,"share":"https://www.laohu8.com/m/news/1199154789?lang=zh_CN&edition=full","pubTime":"2021-03-19 22:32","market":"us","language":"en","title":"Fed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199154789","media":"zerohedge","summary":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio  exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on ","content":"<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Disappoints Market, Lets SLR Relief Expire: What Happens Next<blockquote>美联储令市场失望，让SLR救助到期：接下来会发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-19 22:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.</p><p><blockquote>正如本文所暗示和深入讨论的那样，在伊丽莎白·沃伦(Elizabeth Warren)和谢罗德·布朗(Sherrod Brown)等进步民主党人的政治压力下，美联储决定让临时补充杠杆率(SLR)豁免如期于3月31日（规则变更一周年）到期。</blockquote></p><p>The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.<img src=\"https://static.tigerbbs.com/b822960da59d651f093b5113cd0c3fd0\" tg-width=\"500\" tg-height=\"319\" referrerpolicy=\"no-referrer\">This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –<b>suggests that the Fed is “foaming the runway” for the end of SLR exemption</b>.\"</p><p><blockquote>联邦银行监管机构今天宣布，2020年5月15日发布的存款机构补充杠杆率（SLR）的临时变更将于2021年3月31日如期到期。鉴于新冠肺炎事件，这一临时变化是为了为存款机构向家庭和企业提供信贷提供灵活性。这一结果是前纽约联储大师Zoltan Pozsar（再次）正确预测的结果，他跟随FOMC表示，“事实上，美联储实际上是先发制人地做出了这一调整——目前没有使用o/n RRP工具，因此没有能力限制，而回购和票据收益率尚未为负——<b>暗示美联储正在为SLR豁免的结束“铺路”</b>.\"</blockquote></p><p>Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"<b>Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability</b>\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:</p><p><blockquote>美联储深知这将是市场的一个非常热门的问题，因此发表了以下声明以缓解交易员的紧张情绪，并指出，虽然SLR特殊待遇将于3月31日到期，但美联储正在“邀请公众就几项潜在的SLR修改发表评论”。此外，”<b>随着时间的推移，董事会可能需要解决SLR当前的设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力</b>”——简而言之，如果收益率飙升，美联储将立即重新引入SLR：</blockquote></p><p>The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. <b>Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.</b>To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. <b>However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.</b>The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,<b>having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...</b></p><p><blockquote>美联储周五宣布，银行控股公司补充杠杆率（SLR）的临时变化将于3月31日如期到期。<b>此外，董事会将很快就调整SLR的措施征求意见。董事会将采取适当行动，确保SLR的任何变化不会削弱银行资本要求的整体实力。</b>为了缓解COVID-19大流行造成的国债市场压力并促进对家庭和企业的贷款，董事会去年暂时修改了SLR，将美国国债和央行储备排除在外。从那时起，国债市场已经稳定下来。<b>然而，由于最近中央银行储备供应和国债发行的增长，理事会可能需要随着时间的推移解决SLR的当前设计和校准问题，以防止出现既限制经济增长又破坏金融稳定的压力。为了确保SLR（2014年作为额外资本要求而设立）在准备金较高的环境下保持有效，董事会将很快就几项潜在的SLR修改征求公众意见。</b>该提案和评论将有助于与财政部和其他监管机构就未来工作进行持续讨论，以确保国债市场的弹性。尽管美联储的WOD令人宽慰，<b>在为有利的结果做好准备后，美联储令人失望的声明几乎不是交易员所希望的消息，股市暴跌...</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/c341c3843a5031cd1599c2c89e198050\" tg-width=\"500\" tg-height=\"305\" referrerpolicy=\"no-referrer\">Bond yields spiked...</p><p><blockquote>债券收益率飙升...</blockquote></p><p><img src=\"https://static.tigerbbs.com/14173c1ce587fb45efe4c30ecc1dfbab\" tg-width=\"500\" tg-height=\"284\" referrerpolicy=\"no-referrer\">... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")...</p><p><blockquote>...而摩根大通的股票是受SLR救济影响最大的银行（正如昨天在“面对摩根大通的杠杆救济威胁”中所指出的）...</blockquote></p><p><img src=\"https://static.tigerbbs.com/32811183fba3dbddf1c440836298c7f3\" tg-width=\"500\" tg-height=\"602\" referrerpolicy=\"no-referrer\">.... slumped.</p><p><blockquote>....萎靡不振。</blockquote></p><p><img src=\"https://static.tigerbbs.com/2fba41463f15e79d2b8436cdd6a526fc\" tg-width=\"500\" tg-height=\"306\" referrerpolicy=\"no-referrer\">In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,<b>banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.</b></p><p><blockquote>如果您一直生活在岩石下，以下是您应该关心SLR决定的原因：首先，对于那些错过了我们关于这个问题的入门知识的人来说，摩根大通的一些背景（具有讽刺意味的是，这是一家从美联储损失最大的银行）的决定）底线是，如果没有SLR救济，<b>银行可能不得不去杠杆化、筹集新资本、停止回购、出售优先股、拒绝存款并普遍减少准备金（不一定是所有这些，也不是按这个顺序），就像美联储向市场注入数千亿美元一样随着财政部耗尽其TGA账户。</b></blockquote></p><p></p><p>The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. <b>The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.</b><img src=\"https://static.tigerbbs.com/392342c2f3e1dd008b2276172a9b3ecf\" tg-width=\"500\" tg-height=\"253\" referrerpolicy=\"no-referrer\">While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that<b>\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.</b></p><p><blockquote>美联储资产负债表的大幅扩张意味着美联储银行持有的银行准备金也同样大幅增长。<b>监管救济到期将使8个GSIB的杠杆敞口增加约2.1万亿美元。此外，TGA的减少和持续的量化宽松可能会在2021年为系统再增加约2.35万亿美元的存款。</b>虽然3月31日豁免到期不会对GSIB产生直接影响，但全年杠杆资产的持续增加将增加长期债务(LTD)和优先要求。在这里，摩根大通持乐观观点，并写道<b>“即使是‘最坏’的发行情况也是非常可控的，LTD需要350亿美元来满足TLAC要求，优先需求为150-200亿美元，以将全行业SLR维持在5.6%。</b></blockquote></p><p>The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).</p><p><blockquote>银行实体的限制更大，其杠杆敞口增加的能力约为7,650亿美元，SLR为6.2%。”高盛的观点更令人不安：该行估计，在持续的量化宽松制度下，储备能力将出现约2万亿美元的缺口，主要是银行无法接受的存款形式，作为正在进行的量化宽松的一部分（高盛对SLR困境的全面理解更是如此）。</blockquote></p><p><b>So what happens next?</b></p><p><blockquote><b>那么接下来会发生什么呢？</b></blockquote></p><p>Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"<i>the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market</i>:</p><p><blockquote>针对这个话题，昨天Curvature的Scott Skyrm写道“<i>最大的银行享有更大的资产负债表，但华盛顿有政治因素反对延长豁免....以下是几种情况及其对回购市场的影响</i>：</blockquote></p><p>The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. <b>Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.</b>In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...</p><p><blockquote>豁免延长3个月或6个月——对回购市场没有影响。它已经完全定价了。准备金的豁免继续，但国债的豁免结束。<b>由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。随着回购资产从最大的银行转移到其他回购市场参与者，波动性会增加。储备和国库的豁免均终止。同上。</b>换句话说，Skyrm持相对悲观的观点，警告称“由于大型银行是回购市场上最大的现金提供者，因此进入市场的现金减少，回购利率上升。”此外，随着回购资产从最大的银行转移到其他回购市场参与者，波动性可能会增加...</blockquote></p><p>Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:</p><p><blockquote>也许有点太严厉了？上周，摩根大通为SLR制定了5种情景，其中两种预测SLR救济将于3月31日结束，具体如下：</blockquote></p><p><u><b>3. Relief ends March 31, banks fully raise capital</b></u> <b>Impact on BanksRatesFront-End Rates</b> <u><b>4. Relief ends March 31, banks raise capital &amp; de-lever</b></u> <b>Impact on BanksRatesFront-End Rates</b>Going back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,<b>and these flows will swell further money funds’ inflows coming from TGA drawdowns.</b>\"</p><p><blockquote><u><b>3.纾困3月31日结束银行全面融资</b></u><b>对银行利率的影响前端利率</b><u><b>4.纾困3月31日结束，银行增资去杠杆</b></u><b>对银行利率的影响前端利率</b>回到Zoltan，让我们回想一下，这位回购大师还警告说，“结束准备金和国债在SLR计算中的豁免可能意味着美国银行将拒绝保证金（而不是国债）的存款和准备金，为市场留出更多空间。做市活动，<b>这些资金流动将进一步增加来自TGA提款的货币基金流入。</b>\"</blockquote></p><p>More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.</p><p><blockquote>更重要的是，Zoltan预计回购或更广泛的市场不会出现广泛的混乱，相反，正如他在周二的一份报告中解释的那样，他对SLR已经产生的微不足道的影响（如果它被消除，将会产生）提供了更良性的看法。</blockquote></p><p><img src=\"https://static.tigerbbs.com/caeeb2b1290e084832f29d61cea6a90b\" tg-width=\"500\" tg-height=\"534\" referrerpolicy=\"no-referrer\">How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"</p><p><blockquote>如何确定Zoltan的良性观点是否正确？他在报告的最后写道，“鉴于我们到6月底FRA-OIS利差为零至负的看涨期权是基于SLR延期的结束以及美联储将尝试解决数量问题的假设价格而不是数量，今天的调整意味着FRA-OIS不会一直跌至零或负值。”</blockquote></p><p>FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.</p><p><blockquote>这里的FRA-OIS将取决于外汇掉期相对于OIS的交易紧张程度，但以远低于零利率交易的国库券不再是一种风险...虽然账单偶尔会跌入负值，但到目前为止，它们避免了全面陷入NIRP，这可能只是市场正在等待的积极信号，以缓解与SLR豁免突然且基本上出乎意料的结束相关的紧张情绪。</blockquote></p><p>* *&nbsp; *</p><p><blockquote>** *</blockquote></p><p></p><p>Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" as<b>the SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing</b>.</p><p><blockquote>最后，对于那些好奇对市场的直接影响会是什么的人来说，国民西敏寺银行策略师布莱克·格温(Blake Gwinn)写道，美联储宣布银行监管豁免将于本月底到期，“确实是穿针引线”，缓解了人们对银行监管豁免的担忧。对市场的潜在长期影响<b>SLR承诺解决补充杠杆率的当前设计和校准问题，以防止紧张局势的发展，从而“结束了它，但化解了许多下意识的市场反应”</b>.</blockquote></p><p>“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is<b>\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”</b></p><p><blockquote>格温说：“我从来不担心银行第一天就会吐出国债或回购提款或类似的情况。”“我担心的是，从长远来看”，随着准备金继续上升，SLR是否会“成为一个麻烦并拖累国债和利差”格温总结道，通过这份声明，美联储<b>“真正解决这些恐惧，基本上是说，‘别担心，我们正在努力’。”</b></blockquote></p><p>Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.</p><p><blockquote>好吧，随着收益率在早期四女巫交易中飙升至HOD，市场似乎确实对美联储的行动持怀疑态度。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/stocks-bopnds-tank-after-fed-lets-slr-relief-expire","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199154789","content_text":"As washinted at, and discussed in depth here,the Fed decided - under political pressure from progressive Democrats such asElizabeth Warren and Sherrod Brown- to let the temporary Supplementary Leverage Ratio (SLR) exemption expire as scheduled on March 31, the one year anniversary of the rule change.The federal bank regulatory agencies today announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions issued on May 15, 2020, will expire as scheduled on March 31, 2021.The temporary change was made to provide flexibility for depository institutions to provide credit to households and businesses in light of the COVID-19 event.This outcome is theone (again) correctly predictedby former NY Fed guru Zoltan Pozsar who following the FOMC said that \"the fact that the Fed made this adjustment practically preemptively – the o/n RRP facility is not being used at the moment, so there are no capacity constraints yet, while repo and bill yields aren’t trading negative yet –suggests that the Fed is “foaming the runway” for the end of SLR exemption.\"Knowing well this would be a very hot button issue for the market, the Fed published thefollowing statementto ease trader nerves, noting that while the SLR special treatment will expire on March 31, the Fed is \"inviting public comment on several potential SLR modifications\" and furthermore, \"Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability\" - in short, if yields spike, the Fed will re-introduce the SLR without delay:The Federal Reserve Board on Friday announced that the temporary change to its supplementary leverage ratio, or SLR, for bank holding companies will expire as scheduled on March 31. Additionally, the Board will shortly seek comment on measures to adjust the SLR. The Board will take appropriate actions to assure that any changes to the SLR do not erode the overall strength of bank capital requirements.To ease strains in the Treasury market resulting from the COVID-19 pandemic and to promote lending to households and businesses, the Board temporarily modified the SLR last year to exclude U.S. Treasury securities and central bank reserves. Since that time, the Treasury market has stabilized. However, because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time to prevent strains from developing that could both constrain economic growth and undermine financial stability.To ensure that the SLR—which was established in 2014 as an additional capital requirement—remains effective in an environment of higher reserves, the Board will soon be inviting public comment on several potential SLR modifications.The proposal and comments will contribute to ongoing discussions with the Department of the Treasury and other regulators on future work to ensure the resiliency of the Treasury market.The Fed's soothing wods notwithstanding,having been primed for a favorable outcome, the Fed's disappointing announcement was hardly the news traders were hoping for and stocks tumbled...Bond yields spiked...... while the stock of JPM, which is the most exposed bank to SLR relief (as noted yesterday in \"Facing Up To JP Morgan's Leverage Relief Threats\")....... slumped.In case you've been living under a rock, here's why you should care about the SLR decision: First, for those whomissed our primer on the issue, some background from JPM (ironically the one bank that has the most to lose from the Fed's decision) the bottom line is that without SLR relief,banks may have to delever, raise new capital, halt buybacks, sell preferred stock, turn down deposits and generally push back on reserves (not necessarily all of these, and not in that order) just as the Fed is injecting hundreds of billions of reserves into the market as the Treasury depletes its TGA account.The massive expansion of the Fed’s balance that has occurred implied an equally massive growth in bank reserves held at Federal Reserve banks. The expiration of the regulatory relief would add ~$2.1tn of leverage exposure across the 8 GSIBs. As well, TGA reduction and continued QE could add another ~$2.35tn of deposits to the system during 2021.While the expiry of the carve-out on March 31 would not have an immediate impact on GSIBs, the continued increase in leverage assets throughout the course of the year would increase long-term debt (LTD) and preferred requirements. Here, JPM takes an optimistic view and writes that\"even the “worst” case issuance scenario as very manageable, with LTD needs of $35bn for TLAC requirements and preferred needs of $15-$20bn to maintain the industry-wide SLR at 5.6%.The constraint is greater at the bank entity, where the capacity to grow leverage exposure to be ~$765bn at 6.2% SLR.\"Goldman's take was more troubling: the bank estimated that under the continued QE regime, there would be a shortfall of some $2 trillion in reserve capacity, mainly in the form of deposits which the banks would be unable to accept as part of ongoing QE (much more in Goldman'sfull take of the SLR quandary).So what happens next?Addressing this topic, yesterday Curvature's Scott Skyrm wrote that \"the largest banks are enjoying much larger balance sheets, but there are political factors in Washington that are against an extension of the exemption.... Here are a couple of scenarios and their implications on the Repo market:The exemption is extended 3 months or 6 months - No impact on the Repo market. It's already fully priced-in.The exemption is continued for reserves, but ended for Treasurys. Since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise. Volatility increases as Repo assets move from the largest banks to the other Repo market participants.The exemption is ended for both reserves and Treasurys. Same as above.In other words, Skyrm has a relatively downbeat view, warning that \"since large banks are the largest cash providers in the Repo market, less cash is intermediated into the market and Repo rates rise.\" Additionally, volatility is likely to increase as repo assets move from the largest banks to the other Repo market participants...Perhaps a bit too draconian? Well, last week, JPMorgan laid out 5 scenarios for SLR, of which two predicted the end of SLR relief on March 31, as follow:3. Relief ends March 31, banks fully raise capital Impact on BanksRatesFront-End Rates 4. Relief ends March 31, banks raise capital & de-lever Impact on BanksRatesFront-End RatesGoing back to Zoltan, let's recallthat the repo gurualso cautioned that \"ending the exemption of reserves and Treasuries from the calculation of the SLR may mean that U.S. banks will turn away deposits and reserves on the margin (not Treasuries) to leave more room for market-making activities,and these flows will swell further money funds’ inflows coming from TGA drawdowns.\"More importantly, Zoltan does not expect broad chaos in repo or broader markets, and instead provides a more benign view on the negligible impact the SLR has had (and will be if it is eliminated), as he explained in a note from Tuesday.How to determine if Zoltan's benign view is correct? He concluded his note by writing that \"given that our call for a zero-to-negative FRA-OIS spread by the end of June was predicated on the end of SLR extension and an assumption that the Fed will try to fix a quantity problem with prices, not quantities, today’s adjustments mean that FRA-OIS won’t trade all the way down to zero or negative territory.\"FRA-OIS from here will be a function of how tight FX swaps will trade relative to OIS, but Treasury bills trading at deeply sub-zero rates is no longer a risk...While Bills have occasionally dipped into the negative territory on occasion, so far they have avoided a fullblown plunge into NIRP, which may be just the positive sign the market is waiting for to ease the nerves associated with the sudden and largely unexpected end of the SLR exemption.* *  *Finally, for those curious what the immediate market impact will be, NatWest strategist Blake Gwinn writes that the Fed announcement that they’re letting regulatory exemptions for banks expire at the end of the month \"really threads the needle and \"assuages concerns about the potential long-term impact on the markets\" asthe SLR \"ends it but defuses a lot of the knee-jerk market reaction” by pledging to address the current design and calibration of the supplementary leverage ratio to prevent strains from developing.“I was never worried about a day-one bank puke of Treasuries or drawdown in repo or anything like that on no renewal,” Gwinn said. “My concern was the longer run,” like as reserves continue to rise, would the SLR “become a nuisance and drag on Treasuries and spreads” Gwinn concludes that with the statement, the Fed is\"really speaking to those fears and basically saying, ‘don’t worry, we are on it’.”Well, with yields spiking to HOD in early quad-witch trading, the market sure seems quite skeptical that the Fed is on anything.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350654720,"gmtCreate":1616204841460,"gmtModify":1634526749634,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350654720","repostId":"1117450855","repostType":4,"repost":{"id":"1117450855","kind":"news","pubTimestamp":1616166767,"share":"https://www.laohu8.com/m/news/1117450855?lang=zh_CN&edition=full","pubTime":"2021-03-19 23:12","market":"us","language":"en","title":"Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117450855","media":"marketwatch","summary":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration o","content":"<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-03-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117450855","content_text":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.\n\nFederal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”\nIn an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.\n“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.\nPowell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.\nThe central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.\nWith economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.\nIn the op-ed, Powell said the situation “is much improved.”\n“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.\n“I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.\nOn Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.\nThe Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.\nYields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.\nStocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329839834,"gmtCreate":1615219057428,"gmtModify":1703485919794,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Can’t wait for Roblox to open&nbsp;","listText":"Can’t wait for Roblox to open&nbsp;","text":"Can’t wait for Roblox to open","images":[{"img":"https://static.tigerbbs.com/7ff7389f984e644d2d8b173c3b24b09a","width":"1125","height":"2620"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329839834","isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":327231917,"gmtCreate":1616084959040,"gmtModify":1634527290644,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327231917","repostId":"2120163660","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117784325,"gmtCreate":1623160977067,"gmtModify":1634036298033,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"Waiting to buy the dip","listText":"Waiting to buy the dip","text":"Waiting to buy the dip","images":[{"img":"https://static.tigerbbs.com/a0053b2b4d21ea0ceed9695b1a318d07","width":"1125","height":"2662"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117784325","isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":358232262,"gmtCreate":1616692764756,"gmtModify":1634524509537,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>Gotta hold onnn","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>Gotta hold onnn","text":"$GameStop(GME)$Gotta hold onnn","images":[{"img":"https://static.tigerbbs.com/244f77b9db9314eccc79ef133f89f735","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358232262","isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329883352,"gmtCreate":1615220340376,"gmtModify":1703485948445,"author":{"id":"3576240549580555","authorId":"3576240549580555","name":"Haolovefood","avatar":"https://static.tigerbbs.com/7614bc65c20ac2caab55b881de62c5ba","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576240549580555","authorIdStr":"3576240549580555"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Just bought in at 118.9. Excited 😁","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Just bought in at 118.9. Excited 😁","text":"$Apple(AAPL)$Just bought in at 118.9. Excited 😁","images":[{"img":"https://static.tigerbbs.com/6dcd5c84b7f36d14f39cfb598de0cca1","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/329883352","isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}