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Paul Singer says it’s time to dump long-term bonds

Hedge-fund manager Paul Singer of Elliott Management on Tuesday recommended that investors sell long-term bonds to prepare for rampant inflation. Investors are being “very careless” about the threat of inflation, he said at the Delivering Alpha conference presented by CNBC and Institutional Investor.
“There will come a time when inflation, despite growth-suppressive policies, can blow through targets and surprise everyone,” he added. He also said reforms were needed to U.S. tax policy and regulations in order to spur more robust growth. “But in the absence of pro-growth policies, yeah, monetary policies are the only game in town,” said Singer.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Bill Miller: Short Treasurys, go long on the S&P 500

Mutual-fund manager Bill Miller said on Tuesday to sell Treasury bonds and and go long on the S&P 500 Index given the higher dividend yield. At CNBC’s and Institutional Investor’s Delivering Alpha conference, Miller said bond yields double-bottomed in 2012 and bottomed again this summer, prompting him to advise shorting Treasurys. Regarding individual stocks, Miller said he prefers Amazon.com Inc. to Facebook Inc. or Google Inc. because of the retailer’s growth rate and strong margins. Shares of Amazon were down 1%, while Facebook shares shed 1.2% and Google shares declined 1.3%. Miller recently reached a deal to buy out Legg Mason Inc.’s stake in the entity that houses his funds.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Scandal-ridden Wells Fargo completely revamps compensation plan

First there were the mailing errors; then the illegal mortgage-fee shifting. Then a $1.2 billion settlement with the government over FHA lending violations. More recently, Wells Fargo came under fire for creating 2 million fake accounts as employees sought to get sales bonuses. Now the massive mortgage lender will completely revamp its compensation program starting in 2017. Click the headline to read about the bank’s quick reaction to yet another scandal. …read more

From:: Real Estate Wire

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Reverse Mortgage at Heart of Movie Plot

A reverse mortgage that lands in foreclosure is behind a string of Texas bank robberies that take place in a fictional outlaw motion picture.

In Hell or High Water, a woman takes out a reverse mortgage on the family farm. When she dies, the bank attempts to take back the property.

But her two sons, who are aware that there is oil under the land, go on a bank-robbing spree to pay off the loan and avoid foreclosure.

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From:: Financing

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Dalio: Central bank actions pushing investors into riskier assets

Ray Dalio, founder of investment firm Bridgewater Associates, said Tuesday that central-bank easing is pushing investors into ever more riskier assets but disagreed with a call for the Federal Reserve to start raising rates. “We are in a situation where [central banks] want to drive you out of cash and out of bonds,” Dalio said at CNBC’s and Institutional Investor’s Delivering Alpha conference. Responding to a call from J.P. Morgan’s Jamie Dimon that the Fed should just start raising rates already, Dalio said this was risky because of ultralow or even negative interest rates globally, and because it wasn’t priced into the Treasury yield curve.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Atlanta Fed’s Lockhart to step down at end of February

WASHINGTON (MarketWatch) — The Atlanta Fed said Dennis Lockhart will step down as its president on Feb. 28. The regional bank said it will conduct a nationwide search, seeking a diverse slate of candidates to replace Lockhart, who had the role for nearly a decade. Thomas Fanning, chairman, president and CEO of Southern Company and chair of the Atlanta Fed’s board of directors, will lead the search. Lockhart is seen as in the middle of the dove-hawk divide at the central bank. The Atlanta Fed president won’t be a voting Federal Open Market Committee member until 2018.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Mortgage Delinquency, Foreclosure Metrics Improve

A monthly improvement was reported for serious mortgage delinquency, the rate of foreclosures and completed foreclosures.

The rate of 90-day delinquency on the nation’s book of residential loans closed out the month of July 2016 at 2.9 percent.

Serious mortgage delinquency declined to its lowest level since May 2016, when it was previously reported at 2.8 percent.

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From:: Financing