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Corporate Treasurers Proceeding With Caution

Global Finance

Corporate treasury professionals are reassessing investment strategies to stay agile and conserve cash amid interest rate shifts and geopolitical uncertainty. A sense of nervousness amid ongoing global disruption pervades strategic thinking across global treasury functions.

Treasury 105
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Debevoise Discusses Treasury Guidance on Corporate Minimum Tax and Tax on Stock Buybacks

Reynolds Holding

On December 27, 2022, Treasury released Notices 2023-7 and 2023-2 (the “Notices”). The Notices are intended to provide interim guidance until proposed Treasury Regulations are promulgated. The Treasury and IRS have requested further comments on this issue. 1] The CAMT and the Buyback Tax both are effective January 1, 2023.

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2023 Investment and Market Updates: A Review of the Worst Year Since 1871

Brian DeChesare

Treasuries: 19% [Up 19%]. Treasuries in March 2020, when rates fell to 0%, and didn’t buy in again until the end of 2022. Treasuries (maturities of 1-3 years). TIPS (Treasury Inflation-Protected Securities) were not an option because of the low purchase limits and other restrictions. Short-Term U.S. I sold my U.S.

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In Search of a Steady State: Inflation, Interest Rates and Value

Musings on Markets

There are three possible explanations for the divergence: Short term versus Long term : The consumer survey extracts an expectation of inflation in the near term, whereas the treasury markets are providing a longer term perspective, since I am using ten-year rates to derive the market-implied inflation.

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Reaping the Whirlwind: A September 2022 Inflation Update!

Musings on Markets

There is a market-based estimate of inflation that comes from the US treasury market, where a comparison of yields on a treasury bond with that on a inflation-protected treasury bond of equivalent maturity provides a measure of expected inflation.

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A Follow up on Inflation: The Disparate Effects on Company Values!

Musings on Markets

In general, higher and more volatile inflation has negative effects on all financial assets, from stocks to corporate bonds to treasury bonds, and neutral to positive effects on gold, collectibles and real assets.

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Data Update 2 for 2024: A Stock Comeback - Winning the Expectations Game!

Musings on Markets

The cash flows to equity investors, especially in the United States, have increasingly taken the form of buybacks, not just supplementing but supplanting dividends. In 2023, dividends and buybacks on the S&P 500 index amounted to $1.367 trillion, 164.25 in index units, with 57.6% of these cash flows coming from buybacks.