Insights

On Thursday, November 7, 2024, the Federal Open Market Committee (FOMC) unanimously decided to cut the fed funds rate a quarter point (25 basis points) following the prior 50-basis-point cut made at the previous September meeting. The fed funds rate now sits in the range of 4.50%–4.75%. While the...

The Bank of England (BoE) cut its bank rate by 25 basis points to 4.75% today, with an 8–1 vote in favor of the rate cut, bringing interest rates to their lowest point since early 2023. The BoE’s Monetary Policy Committee (MPC) struck a cautious tone, saying it will ensure that rates remain...

Join our expert panel as we explore the key priorities and trends shaping the capital markets. We’ll discuss the evolving financial markets landscape and the potential impact on 2025 strategies. With an interactive Q&A format, you’ll gain a variety of perspectives into the critical factors...

The purpose of this report is to present changes in lending markets across key property types for use in marking debt to market for financial reporting. The Chatham fixed- and floating-rate indices for each property type represent how coupon rates and spreads have changed. For the third quarter...

Credit spreads shown are averages based on market rate conclusions for independent debt valuations conducted as of September 27, 2024. The market spread for an individual loan may vary based on property and loan characteristics, including, but not limited to, location, tenant profile, cash flow,...

These hairy chart graphs plot past LIBOR forward curves against the actual path LIBOR followed, showing that the forward curve has been a somewhat accurate predictor over the next six months or so...

FX hedging costs vary across currency pairs. “Cost” from a certain direction of capital flow is in fact a “gain” in the opposite direction.

The Fed dot plot is a visual representation of the projections made by each member of the Federal Reserve regarding the Central Bank's key short-term interest rate.

Join Jackie Bowie and Amol Dhargalkar for Chatham’s upcoming webinar, where they will discuss the unprecedented shifts in capital markets during 2024 and look ahead to the macroeconomic drivers for 2025. Discover how investors are mitigating risk and preparing for investment opportunities arising...

The Bank of England (BoE) kept rates on hold at 5.00% and expressed caution about cutting rates again too soon. Despite expectations, only one member voted for a further rate cut, while eight voted to maintain rates. Deputy Governor Dave Ramsden, expected to support a rate cut, remained in favor...

On Wednesday, September 18, 2024, the Federal Open Market Committee (FOMC) voted to reduce the fed funds rate to a target range of 4.75%–5.00%, marking the first rate cut in over four years. While the reduction in rates was widely expected, the magnitude of 50 basis points comes to the surprise...

Today, Federal Reserve Chair Jerome Powell spoke at the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming. In his speech, Powell stated that it is now time for the Federal Open Market Committee (FOMC) to adjust their focus from fighting inflation pressures in the United States...

With continued market volatility and an evolving geopolitical landscape, mitigating financial risks associated with cross-border M&A transactions reduces the risks to closing for all parties involved and ensures the success of a deal. A deal-contingent hedge is an instrument that protects against...

The Bank of England (BoE) cut U.K. interest rates for the first time since the onset of the COVID-19 pandemic in March 2020. In a "finely balanced” decision, the Monetary Policy Committee (MPC) voted 5-4 in favour of cutting rates from 5.25% to 5.00%. However, policymakers struck a hawkish tone...

On Wednesday, July 31, 2024, the Federal Open Market Committee (FOMC) voted unanimously to hold the federal funds rate at a target range of 5.25–5.50%. This marks over a year and eight consecutive meetings since the Committee last adjusted the target range, having raised it to the current level...

Hedge accounting is a key component when trading interest rate swaps with off-market derivatives. End users must navigate the complexities of hedge accounting to optimise the success of their hedging relationships. This white paper provides guidance as to how to identify an off-market hedge and...

The Bank of England (BoE) kept rates on hold at 5.25% as expected, with few changes to its statement and no press conference due to election campaign restrictions. The Monetary Policy Committee (MPC) vote remained unchanged, with seven members voting to keep rates on hold and two members voting...

Matt Henry, Chatham's Managing Partner and CEO, and Suzy Welch, Professor of Management Practice, NYU Stern School of Business, discuss misunderstandings of authenticity, generational differences, the evolving workplace culture, and more.

Off-market hedge accounting is common but complex. Getting it wrong can result in misstated earnings, and, if unaddressed, the size of the error can accumulate over time. This primer explains what an ‘off-market hedge’ is and illustrates how to correctly apply hedge accounting to such hedges.

On Wednesday, June 12, 2024, the Federal Open Market Committee (FOMC) voted unanimously to hold the federal funds rate at a target range of 5.25–5.50%. Today's decision represents the seventh straight FOMC meeting with no change in the policy rate, with the last rate hike coming out of the July...

As expected today, the Bank of England (BoE) held interest rates at 5.25% but signaled that they may cut rates at their next meeting in June, stating that they will be watching April's and May’s economic data closely. In a further sign that the Bank is edging closer to the first rate cut in over...

On Wednesday, May 1, 2024, the Federal Open Market Committee (FOMC) voted unanimously to hold the fed funds rate at a target range of 5.25%–5.50%. This marks the sixth consecutive FOMC meeting with no change to the fed funds target and comes as no surprise to market participants who have pushed...

Matt Henry, Chatham's Managing Partner and CEO, and Joseph LaVorgna, Chief Economist of SMBC Nikko Securities America, Inc. discuss the Federal Reserve's current challenges, how forecasted interest rate cuts and election results will impact the economy, and more.

This report's data comes from responses to four poll questions asked during a webinar hosted by Amol Dhargalkar and Jackie Bowie on March 6, 2024, along with an additional poll question presented during webinar registration. This event attracted a global audience of more than 1,900 finance...