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It’s Not Just Stocks. Bonds Are Super Calm

June 27, 2017
Wall Street Journal

Stocks and bonds have recently been quiet. However, the expectations for volatility are increasing, as seen from today’s Bank of America Merrill Lynch MOVE Index number–the lowest reading since its record lows set in 2013. Andrew Pace comments on the potential pitfalls investors might face if they take excessive risks now.

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$70,000 a day in interest — the cost of another short-term CPS budget solution

June 27, 2017
Chicago Tribune

Under the terms of a new deal with JPMorgan, Chicago Public Schools will pay approximately $70,000 a day in interest on two new expensive loans they received on Monday. Brian Battle of performance Trust commented on the deal and the reasoning of the high interest rate for the loans.

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U.S. Government Bonds Strengthen on Drop in Durable Goods Orders

June 26, 2017
Wall Street Journal

Signs of tepid U.S. business spending added to concerns and led to long-term U.S. government bond yields closing at 2017 lows on Monday. Andrew Pace of Performance Trust commented on the concerns, investor complacency, and investor risk in the market.

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Illinois could be 1st state with ‘junk’ credit due to budget

June 24, 2017
Associated Press

Lawmakers met Saturday for a special legislative session as Illinois is on track to become the first state to have its credit ranking downgraded to junk status. Brian Battle commented on the alarming nature of the news, the discussions, and the potential costs for Illinois residents.

This article was also posted to Fox News, New York Times, ABC News, Japan Times, and CNBC.

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Chicago Public Schools pay high price for needed cash

June 20, 2017
Bond Buyer

In order to close its private placement of short-term state grant anticipation notes, Chicago Public Schools paid a punishing yield. Monday’s transaction will allow the district to meet its teachers’ pension payment obligations for the month of June. Brian Battle of Performance Trust shared his insight into the lending rate of the deal, and the factors that led to this deal.

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Rauner, schools play blame game as CPS takes out costly $275M loan

June 20, 2017
Chicago Tribune

On Monday, Chicago Public Schools (CPS) closed an expensive deal to borrow cash which is needed to scrape through June and to pay out teacher pensions. Officials purchased $275 million in “grant anticipation notes,” a short-term loan, from JPMorgan. Brian Battle commented on the news and the relationship between CPS and JPMorgan.

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Spreads widen as market digests Illinois downgrades

June 2, 2017
Bond Buyer

Investors reacted as Illinois spreads widened after Thursday’s two downgrades. Investor confidence is waning as the state now has two ratings at the lowest investment grade level. Brian Battle commented on the news of the lowest rated bonds in the 44-year history of bond ratings for Illinois.

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Illinois budget inaction triggers new downgrades

June 1, 2017
Bond Buyer

Illinois is close to becoming the first state with a junk bond rating after two downgrades on Thursday. Illinois continues to reach historic lows in agency ratings for states as political turmoil continues at the state capital. Brian Battle comments on the downgrade and the signal being sent to Illinois’s government.

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U.S. Government Bonds Strengthen

May 30, 2017
Wall Street Journal

U.S. Government bonds strengthened after the holiday weekend and latest inflation report. With the recent report, investors expect the Fed will be slow in raising interest rates. Andrew Pace comments on inflation numbers, investor sentiment in the market, and the current behavior of yields.

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