CIBC Private Wealth Management Blog
Gary Pzegeo, CFA
Investments

Making sense of the muni market

Gary Pzegeo, CFA
May 07, 2020

The economic strain of COVID-19 has had an immediate impact on state and local government finances. While fiscal and monetary policy has been introduced to lessen the blow, investors may be left questioning what this means for municipal bonds as an investment.
Investments

Federal Reserve announces lending program details on up to $2.3 trillion to support the economy

Gary Pzegeo, CFA
April 09, 2020

The Federal Reserve released an announcement this morning providing some detail around lending facilities to support the economy during the coronavirus pandemic. Money allocated to the U.S. Treasury as part of the recently enacted CARES act will be used as a first loss equity investment alongside loans facilitated by the Fed in an amount up to $2.3 trillion with today’s announcement. The...
Investments

FOMC expands efforts to support the economy

Gary Pzegeo, CFA
March 23, 2020

The Federal Reserve’s actions to date, including a reduction in the overnight target rate to a range of 0.00% - 0.25% and a massive increase in the availability of dollars to fund inventories of Treasury and Mortgage-backed collateral, were thwarted by uncertainty over the economic repercussions of Covid-19 and an absence of credit market liquidity.  The Fed  cannot address the...
Investments

FOMC Cuts Policy Rates By 0.50% In a Rare Inter-meeting Move

Gary Pzegeo, CFA
March 03, 2020

The Federal Reserve surprised markets with the timing of its 50 basis point emergency rate cut.  The sell-off in equities over the past few weeks led markets to expect a monetary response, including more than one rate cut by the next scheduled meeting on March 18th.  Voting for the cut was unanimous and it followed a somewhat disappointing release from G-7 Finance Ministers and...
Investments

Fed on Hold, as Expected

Gary Pzegeo, CFA
January 29, 2020

The Federal Reserve left the range of policy rates unchanged at its January meeting and made a small adjustment to a rate paid on excess system reserves.  In case anyone was concerned about its commitment to stability, the FOMC also left all but 2 or 3 of its 270+ word press release unchanged from its December 11, 2019 meeting.  In the post-meeting press conference, Chairman Powell...