Английский язык для экономистов - Малюга Е.Н.
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Perhaps the clearest indicator of what the markets think is the price of federal-funds futures contracts. As recently as November 9th, these assumed that an interest-rate cut of at least a quarter-point and quite likely a half-point, was a racing certainty at the Federal Reserve meeting on December 11th. Now, the market reckons there is only a 30% chance of a cut in December, and that the Fed may even start to tighten again early next year.
It is possible that the markets are being driven by factors other than expectations of economic recovery. The government-bond market has been confused since the Treasury's surprise decision in late October to stop issuing 30-year bonds. Prices of junk bonds may have been bid up by investment funds trying to use up large cash balances before the end of the year, rather than by expectations of economic recovery, says Martin Frid-son of Merrill Lynch. Shares may be benefiting from looser monetary policy, not improved fundamentals, just as they did when the Fed eased in anticipation of a millennium bug.
And, as Graham knew, Mr. Market is often wrong. He may have read too much into better-than-expected data on consumption. Even if the corporate sector is over the worst, share prices still look high by most historic measures. PIMCO, America's largest bond fund, reckons the market is overdoing its optimism about the economy, and sees opportunities to buy bonds. 140
Английский ЯЗЫК ДЛЯ экономистов
C.2. Decide whether the statements are True (T) or False (F).
1. Financial markets are usually more stable at wartime.
2. The rally of share prices rise is usual in a recession.
3. Stock market rally signals that the recession is in full swing.
4. The yields on junk bonds are more sensitive to the risk of default than the corporate bonds.
5. The gap in yields between investment grade bonds and junk has widened.
6. Falling of oil prices points to strong economy.
7. The fall in prices may be driven by expectations of increased demand.
^ D* Vocabulary
D.I. Read and learn new words.
intrinsic value — real, basic value
swing (v) — to move backwards and forwards or round and round from a fixed point
give way to (phr v) — to allow to be overcome by something or somebody
dip (v) — to drop slightly
Treasury bond (n) — an American government bond yield (v) — to produce, bear or provide, especially as a result of work or effort
to loose monetary policy — to make monetary policy less stiff bid up (phr v) — to increase the charged price for goods, one's work or services
bug (n) — an eager but sometimes not lasting interest in the stated thing
rally (v) — to become strong, to rebound
D.2. Give English equivalents to the following words and expressions:
¦ резко меняться от чего-то до чего-то;
¦ уступать чему-то;
¦ государственные облигации;
¦ корпоративные облигации для инвестирования;
¦ краткосрочные казначейские векселя;
¦ израсходовать что-то;
¦ смягчать денежно-кредитную политику;
¦ инвестиционные фонды открытого типа для приобретения ценных бумаг. Unit 8. Financial Markets and Investments
141
D.3. Choose an appropriate word or expression from the box to complete the following sentences.
blue chip issuer slice healthy bonds
interest rate secondary capital security yield
price interest bank shares primary
obligations investment
1. A bond is an ... bearing... issued by governments, companies and some other organizations.
2. Bonds are an alternative way for the ... to raise ... to selling shares or taking out a ... loan.
3. A bond's ... is the ... (or coupon) paid on the bond divided by the bond's market....
4. Corporate bonds issued by ... companies are also unlikely to default; this might not be the case with high-yield junk bonds issued by firms with less ... financials.
5. Markets in securities such as ... and ... is called a capital market.
6. The existence of liquid ... market can encourage people to buy in the ... market, as they know they are likely to be able to sell easily should they wish.
7. In return for risking their ... by giving it to the company's management to develop the business, shareholders get the right to a... of whatever is left of the firm's revenue after it has met all its other ....
8. This money is paid as a dividend, although most companies retain some of their residual revenue for ... purposes.
D.4. Match up the words on the left with the definitions on the right:
1) bear market; a) a situation in which prices on the stock market are
going up;
2) bull market; b) a situation in which prices on the stock market are
falling;
3) junk bond; c) the American government bond;
4) treasury bill; d) a bond with a high rate of interest but with a high risk
of not being repaid;
5) liability; e) the percentage amounts charged for borrowing money
by the banks and building societies;
6) interest rates; 0 an amount of money owed by a business to a supplier,
