Monday Morning Kickoff

Here we go again. A changing war scene in Ukraine as well as any number of minor economic stats to be released–although FOMC minutes will be released on Wednesday which could be market moving. Also we have bunches of Fed Presidents shooting their mouths off this week–all to speak their minds–most with different opinions, on the economy–just keep quiet.

The S&P500 moved in a range of 4508 to 4637 — almost a 3% range, but closed the week just 2 points above the previous weeks close.

Interest rates moved lower by 12 basis points after moving in a range of 2.31% to about 2.50% before closing at 2.37%. All in all a good week in rates for holders of income securities.

The Federal Reserve balance sheet fell by about $8 billion last week.

It was a great week for $25/share preferreds and baby bonds. The average share moved higher by 30 cents. Investment grade issues were higher by 27 cents with bank issues higher by 31 cents. Interestingly mREIT issues rose just 7 cents/share.

Once again we had no pricing of $25/share new issues.

2 thoughts on “Monday Morning Kickoff”

  1. Hi there, anyone here have any insight into (NYCB) New York Community Bancorp, Inc.? Common pays a current 6.42% dividend, just a 56.67% payout ratio so the div seems well covered, stock trading near its 52 week low. I am long their U BONUSES Units due 11/1/2051 with a current yield of 6%. Any thoughts would be greatly appreciated. Have a great week, Azure

    1. Azure — I’ve held it for a while and plan to keep holding it. and possibly adding to it. I think this is a good entry point (but of course DYODD). The price has fluctuated from $9+ per share to a high of $14 during the past 3 years, but mostly it stays in a tight range while you collect the dividends. They are completing a merger with Flagstar that should help them diversify their revenue. Investors have been pretty skeptical of NYCB over the years but the P/E is low and price to book value very low. They do have a lot of exposure to commercial real estate loans in New York.

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