Achtergrond bij Beleggen op de golven
Waar zijn we op de golven?
Waarom gaan de aandelenkoersen al lang zo veel omhoog?
N.B. dit blog is à titre personnel en hoeft de visie van BMO Global asset Management niet weer te geven
The Fed Tries (And Fails) To Tame The Junk Bond Market Via Regulation◾Bloomberg.com – Fed’s Junk Loan Bubble-Busting Faces Trouble as Sales Jump One of the Federal Reserve’s first post-crisis tests of its ability to quash excessive risk-taking using regulatory tools is so far looking like a failure. The Fed’s Board of Governors told Congress last week that it’s engaged in “strong supervisory follow-up” to guidance given to banks in 2013 to improve their underwriting standards for high-yield loans. Despite those efforts, Chair Janet Yellen said she’s still seeing a “marked deterioration” in quality. For the first time, more than half of the junk-rated loans arranged in the U.S. this year lack typical lender protections like limits on the amount of debt borrowers can amass relative to earnings. Yellen’s own easy-money policies are boosting demand for such high-yielding products at the same time that she tests her doctrine that financial bubbles should be constrained by supervisory actions, not a general rise in interest rates. “Regulators talk about using tools and other supervisory measures to rein in the banks,” said Beth MacLean, an executive vice president and bank-loan money manager at Pacific Investment Management Co. in Newport Beach, California. “But ultimately there is still supply and demand, and there is ample demand,” MacLean said. “There is not much they can do, and that is evident in that terms haven’t really changed since the guidelines came out.”