Repo rate patterns for new Treasury notes

Despite the enormous popularity of the market for repurchase agreements, the behavior of interest rates on "repo" transactions is not well understood. An analysis of new data for 1992-95 reveals that repo rates on recently issued Treasury notes rise and fall in a regular pattern as the Treasury auction cycle progresses.Government securities ; Treasury notes

Mortgage refinancing and the concentration of mortgage coupons

Because of the concentrated distribution of interest rates on outstanding mortgages, modest interest rate declines in 1997 and 1998 made refinancing a smart choice for a record number of homeowners. In addition, the strong economy and the age of mortgage loans likely contributed to the surge in refinancing activity.Mortgages ; Housing - Finance ; Interest rates

The Term Securities Lending Facility: origin, design, and effects

The Federal Reserve launched the Term Securities Lending Facility (TSLF) in 2008 to promote liquidity in the funding markets and improve the operation of the broader financial markets. The facility increases the ability of dealers to obtain cash in the private market by enabling them to pledge securities temporarily as collateral for Treasuries, which are relatively easy to finance. The TSLF thus reduces the need for dealers to sell assets into illiquid markets as well as lessens the likelihood of a loss of confidence among lenders.Liquidity (Economics) ; Financial markets ; Federal Reserve System ; Treasury notes

Prediction of cull cow carcass characteristics from live weight and body condition score measured pre slaughter

peer-reviewedA study was conducted to provide information on the degree of carcass finish of Irish cull cows and to investigate the usefulness of live animal measurements for the prediction beef breeds (albeit with a moderate R2 value compared to the carcass weight prediction) using objective, non-intrusive and easily measured live animal measurements, should be of benefit to farmers finishing cull cows in Ireland. of cull cow carcass characteristics. Live weight (LW) and body condition score (BCS) were recorded on cows entering an Irish commercial slaughter facility between September and November, 2005. Data pertaining to sire breed, age and carcass characteristics were collected and subsequently collated for each cow. For analysis, cows (n = 2163) were subdivided into three breed categories: dairy breed sired by Holstein/ Friesian (FR), sired by early-maturing beef breeds (EM) and sired by late-maturing beef breeds (LM). The proportion of cows slaughtered at the desired (TARGET) carcass standard (cold carcass weight ≥ 272 kg, carcass conformation class ≥ P+ and carcass fat class ≥ 3) was low (on average 0.30), but did differ (P < 0.001) between the dairy and beef breed categories (0.22, 0.47 and 0.53 for FR, EM and LM categories, respectively). Regression procedures were used to develop equations to predict cold carcass weight, carcass conformation score, carcass fat score and proportion in the TARGET category from LW and BCS. Equations predicting cold carcass weight had high R2 values for all breed categories (0.81, 0.85 and 0.79 for the FR, EM and LM, respectively). Equations predicting carcass fatness had moderate R2 values for the beef breed categories (0.65 and 0.59 for the EM and LM, respectively). Equations predicting carcass conformation and the TARGET category yielded lower R2 values. The successful prediction of carcass weight for all breed categories and of carcass fatness for th

The introduction of the TMPG fails charge for U.S. Treasury securities

The TMPG fails charge for U.S. Treasury securities provides that a buyer of Treasury securities can claim monetary compensation from the seller if the seller fails to deliver the securities on a timely basis. The charge was introduced in May 2009 and replaced an existing market convention of simply postponing—without any explicit penalty and at an unchanged invoice price—a seller’s obligation to deliver Treasury securities if the seller fails to deliver the securities on a scheduled settlement date. This article explains how a proliferation of settlement fails following the insolvency of Lehman Brothers Holdings Inc. in September 2008 led the Treasury Market Practices Group (TMPG)—a group of market professionals committed to supporting the integrity and efficiency of the U.S. Treasury market—to promote a change in the existing market convention. The change—the introduction of the fails charge—was significant because it mitigated an important dysfunctionality in the secondary market for U.S. Treasury securities and because it stands as an example of the value of cooperation between the public and private sectors in responding to altered market conditions in a flexible, timely, and innovative fashion.Treasury bonds ; Government securities ; Clearing of securities ; Secondary markets

Mortgage security hedging and the yield curve

The authors find that the use of Treasury securities to hedge mortgage-backed security extension risk may have magnified increases in long-term interest rates after the tightening of monetary policy in early 1994. Substantial increases in the duration of mortgage securities appear to have caused realignments of hedges and portfolios that, in turn, had a significant impact on the short-run movements of the Treasury market, particularly for ten-year securities. This phenomenon may have altered the short-run dynamics of the yield curve and thus changed the transmission of monetary policy.Hedging (Finance) ; Mortgages ; Interest rates

Containment of Group 1 molten chloride salt using an amorphous self- healing geopolymer composite

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Hybrid Thermal Lance

The Hybrid Thermal Lance (HTL) is a device used to burn through landmines to destroy them safely. Designed for the team’s client, The HALO Trust, the HTL has proven to work well in destroying explosives, which has been demonstrated by field trials conducted in a number of countries including but not limited to Afghanistan and the Republic of Georgia. The HTL works by igniting acrylic burn tubes, which act as a fuel source and also focus the flame on a specific location on an explosive device. The system is controlled via a user-friendly, rugged control box that can run the HTL automatically and allow the device to burn for different lengths of time upon user command. The team was asked by HALO to make the HTL as user-friendly as possible. In order to do this, the team has been researching ways to make the ignition system as reliable as possible so the device works every time. The team plans to move forward in testing and refining the ignition system and the control circuit in order to give the client a trouble-free device. Future plans include designing a fixture that can be fitted over the end of the HTL burn tube which can focus the heat of the flame for a more concentrated burn.https://mosaic.messiah.edu/engr2020/1022/thumbnail.jp

Paramedic Education – is Dynamic Problem Based Learning the Way Forward?

The authors outline the unique approach to problem based learning adopted by the Paramedic Studies Department in the Graduate Entry Medical School, University of Limerick