For example, when there is a lot
of uncertainty in the market investors tend to park their money in super safe US Treasuries, causing the yield of US treasuries to drop.
(MoneyShow.com: Apr 25, 2016) MoneyShow.com contributor Jimmy Mengel recommends Dividend Aristocrats — companies that have raised their dividends consistently for long periods — as «ironclad investments in times
of uncertainty in the market.»
«It was highly recommended by investment professionals and people we knew, and with
all of the uncertainty in the markets we thought it was a safe investment,» Durkin said.
Most investors understand that there is a great deal
of uncertainty in markets and that the returns on investment in any given year are difficult to predict.
At the moment, there is a lot
of uncertainty in the market pertaining to the acceptance of Bitcoin and the cryptocurrencies.
Bitcoin may get Legalised in Malaysia as local Bank Negara Issues Crypto Guidelines At the moment, there is a lot
of uncertainty in the market pertaining to the acceptance of Bitcoin and the cryptocurrencies.
Because of the pressure this business puts on people, because
of the uncertainty in the market, because of a dozen other factors, most real estate agents underestimate their own worth.
«Deals are taking a lot longer than what they used to; the challenges are definitely greater,» says Mehrad Nazari, president and CEO of Nazari Inc., a real estate investment brokerage and consulting firm in La Jolla, Calif. «There's a lot
of uncertainty in the market from the buyer's side, seller's side, and the agent's side.»
Not exact matches
Important factors that could cause actual results to differ materially from those reflected
in such forward - looking statements and that should be considered
in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases
in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft
market and expanding conflicts or political unrest
in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic
uncertainty or otherwise; 8) the effect
of economic conditions
in the industries and
markets in which we operate
in the U.S. and globally and any changes therein, including fluctuations
in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain
in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both
in the U.S. and abroad; 20) the effect
of changes
in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction
in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco
in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations
in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Weakness
in the global economy and concern about the uneasiness
of markets, as well as
uncertainty about many lushly - priced private companies known as unicorns, drove the markdown, investment experts said.
Many great companies sat out the IPO
market last year for a myriad
of reasons, including the abundance
of private capital, funds flow out
of conventional funds ($ 224 billion
in outflows, to be exact), and more «blackout» windows than normal — post-Brexit and post-Trump
in particular — where companies were afraid
of political
uncertainty.
Because
of these
uncertainties, there is no single best metric for the level
of liquidity
in a
market.»
Certain matters discussed
in this news release are forward - looking statements that involve a number
of risks and
uncertainties including, but not limited to, doubts about the Company's ability to continue as a going concern, the need to obtain additional funding, risks
in product development plans and schedules, rapid technological change, changes and delays
in product approval and introduction, customer acceptance
of new products, the impact
of competitive products and pricing,
market acceptance, the lengthy sales cycle, proprietary rights
of the Company and its competitors, risk
of operations
in Israel, government regulations, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed
in the Company's filings with the United States Securities and Exchange Commission.
Volatile
market conditions have ushered
in investor
uncertainty, as the Dow Jones Industrial Average swung hundreds
of points
in both directions last month.
Passed amidst bitter partisan division and an ambivalent public... the right depends on private actors, private health insurance companies, and willing states to administer and participate
in a newly transparent, competitive, and streamlined private health insurance
market, while these same actors hesitate to invest
in the infrastructure
of this
market due to
uncertainty from legal and political challenges to the ACA.
Centene is betting it can succeed
in markets that higher - profile insurers have fled
in the face
of continuing
uncertainty over the ACA.
The current risk aversion observed
in the capital
markets is «reasonably understandable» due to the
uncertainty over how trade tensions are going to ease, says Jonathan Pain
of The Pain Report.
«There is major
uncertainty in the
market and federal agencies are not sure until the budget is passed and sequestration is resolved that they will continue, and they have really reduced the scale
of work,» says Zia Islam, founder
of Zantech IT Services, a McLean, Virginia - based company that has worked for NASA, the U.S. Department
of Housing and Urban Development, and other federal agencies.
If you add any
uncertainty to that, it could cause a bit
of a pause
in the
market.
If that occurs
in the fourth quarter
of 2018, around the time
of the U.S. mid-term elections, investors should expect greater
uncertainty and volatility
in the
markets.
Part
of that is due to
uncertainty in the
markets, Bannister says, and firms are holding back more reserves
in case companies already
in their portfolios need more capital to get to the next fundraising round.
If American business owners are truly worried about the long - term prospects
of the U.S. economy, they should be doing what the Argentines do: looking outside their borders to find
markets in which there is less
uncertainty — or at least different kinds
of uncertainty.
Actual results and the timing
of events could differ materially from those anticipated
in the forward - looking statements due to these risks and
uncertainties as well as other factors, which include, without limitation: the uncertain timing
of, and risks relating to, the executive search process; risks related to the potential failure
of eptinezumab to demonstrate safety and efficacy
in clinical testing; Alder's ability to conduct clinical trials and studies
of eptinezumab sufficient to achieve a positive completion; the availability
of data at the expected times; the clinical, therapeutic and commercial value
of eptinezumab; risks and
uncertainties related to regulatory application, review and approval processes and Alder's compliance with applicable legal and regulatory requirements; risks and
uncertainties relating to the manufacture
of eptinezumab; Alder's ability to obtain and protect intellectual property rights, and operate without infringing on the intellectual property rights
of others; the uncertain timing and level
of expenses associated with Alder's development and commercialization activities; the sufficiency
of Alder's capital and other resources;
market competition; changes
in economic and business conditions; and other factors discussed under the caption «Risk Factors»
in Alder's Annual Report on Form 10 - K for the fiscal year ended December 31, 2017, which was filed with the Securities and Exchange Commission (SEC) on February 26, 2018, and is available on the SEC's website at www.sec.gov.
Such risks,
uncertainties and other factors include, without limitation: (1) the effect
of economic conditions
in the industries and
markets in which United Technologies and Rockwell Collins operate
in the U.S. and globally and any changes therein, including financial
market conditions, fluctuations
in commodity prices, interest rates and foreign currency exchange rates, levels
of end
market demand
in construction and
in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges
in the development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies
in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including
in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit
market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including
market conditions and the level
of other investing activities and uses
of cash, including
in connection with the proposed acquisition
of Rockwell; (7) delays and disruption
in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes
in political conditions
in the U.S. and other countries
in which United Technologies and Rockwell Collins operate, including the effect
of changes
in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general
market conditions, global trade policies and currency exchange rates
in the near term and beyond; (16) the effect
of changes
in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations
in the U.S. and other countries
in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result
in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including
in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the
market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted
in their operation
of their businesses while the merger agreement is
in effect; (21) risks relating to the value
of the United Technologies» shares to be issued
in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
To go it alone, on the other hand, the inventor must undertake the cumbersome effort
of setting up a new firm and dealing with the
uncertainty that any new invention faces
in the
market.
On Monday, Cramer wanted investors to keep an eye on the risky, leveraged funds that enable traders to bet against volatility, defined as the amount
of uncertainty in the size and direction
of changes
in the
market and most commonly tracked by the CBOE Volatility Index, or VIX.
With
uncertainty and investor caution defining the global economy, public companies have found reassurance
in Canada's stability, its strong equity culture and the expertise
of this country's capital
market participants.
Likewise, Mexico has a total
of 10 free trade agreements involving 44 countries outside
of NAFTA and Canadian and American companies can find ways to benefit from Mexican global
market access
in this time
of uncertainty with the U.S.
In other words, does UNCERTAINTY about forward movement in the administration's program start to affect the financial markets and the market's view of the potential for reforms that have been a significant force in both the equity and bond markets since the electio
In other words, does
UNCERTAINTY about forward movement
in the administration's program start to affect the financial markets and the market's view of the potential for reforms that have been a significant force in both the equity and bond markets since the electio
in the administration's program start to affect the financial
markets and the
market's view
of the potential for reforms that have been a significant force
in both the equity and bond markets since the electio
in both the equity and bond
markets since the election?
Actual results, including with respect to our targets and prospects, could differ materially due to a number
of factors, including the risk that we may not obtain sufficient orders to achieve our targeted revenues; price competition
in key
markets; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, which can result
in increased inventory and reduced orders as we experience wide fluctuations
in supply and demand; the risk that our commercial Lighting Products results will continue to suffer if new issues arise regarding issues related to product quality for this business; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result
in higher production costs and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations
in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; the risk that the economic and political
uncertainty caused by the proposed tariffs by the United States on Chinese goods, and any corresponding Chinese tariffs
in response, may negatively impact demand for our products; product mix; risks associated with the ramp - up
of production
of our new products, and our entry into new business channels different from those
in which we have historically operated; the risk that customers do not maintain their favorable perception
of our brand and products, resulting
in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting
in significant additional costs, including costs associated with warranty returns or the potential recall
of our products; ongoing
uncertainty in global economic conditions, infrastructure development or customer demand that could negatively affect product demand, collectability
of receivables and other related matters as consumers and businesses may defer purchases or payments, or default on payments; risks resulting from the concentration
of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that we are not able to enter into acceptable contractual arrangements with the significant customers
of the acquired Infineon RF Power business or otherwise not fully realize anticipated benefits
of the transaction; the risk that retail customers may alter promotional pricing, increase promotion
of a competitor's products over our products or reduce their inventory levels, all
of which could negatively affect product demand; the risk that our investments may experience periods
of significant stock price volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain that has the ability to supply a sufficient quantity
of raw materials, subsystems and finished products with the required specifications and quality; the risk we may be required to record a significant charge to earnings if our goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization
of products under development, such as our pipeline
of Wolfspeed products, improved LED chips, LED components, and LED lighting products risks related to our multi-year warranty periods for LED lighting products; risks associated with acquisitions, divestitures, joint ventures or investments generally; the rapid development
of new technology and competing products that may impair demand or render our products obsolete; the potential lack
of customer acceptance for our products; risks associated with ongoing litigation; and other factors discussed
in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10 - K for the fiscal year ended June 25, 2017, and subsequent reports filed with the SEC.
Various factors may cause differences between Bellicum's expectations and actual results, including risks and
uncertainties associated with
market conditions and the satisfaction
of customary closing conditions related to the public offering, as well as those discussed
in greater detail
in Bellicum's filings with the SEC, including without limitation
in its Form 10 - K for the year ended December 31, 2017.
In addition to raising
uncertainty around the outlook, the recent financial
market volatility has underscored the importance
of ongoing attention to the resilience
of market liquidity.
«There's a lot
of uncertainty and the
market is pricing
in some risk premium into the Treasury
market in the form
of higher yields,» he said.
Important factors that could cause our actual results and financial condition to differ materially from those indicated
in the forward - looking statements include, among others, the following: our ability to successfully and profitably
market our products and services; the acceptance
of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness
of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance
of the Cologuard test; the amount and nature
of competition from other cancer screening and diagnostic products and services; the effects
of the adoption, modification or repeal
of any healthcare reform law, rule, order, interpretation or policy; the effects
of changes
in pricing, coverage and reimbursement for our products and services, including without limitation as a result
of the Protecting Access to Medicare Act
of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and
uncertainties described
in the Risk Factors and
in Management's Discussion and Analysis
of Financial Condition and Results
of Operations sections
of our most recently filed Annual Report on Form 10 - K and our subsequently filed Quarterly Reports on Form 10 - Q.
In a sign
of some
uncertainty among investors about the impact
of the BOJ's latest measures, Japanese
markets were volatile following the announcement, with the benchmark Nikkei stock index down giving up initial gains and moving into negative territory.
«
In the presence of uncertainty and the absence of accelerating inflationary pressures, it would be unwise for policy to foreclose on the possibility of making further gains in the labor market,» she said, adding that «disinflation pressure and weak demand from abroad will likely weigh on the U.S. outlook for some time, and fragility in global markets could again pose risks here at home.&raqu
In the presence
of uncertainty and the absence
of accelerating inflationary pressures, it would be unwise for policy to foreclose on the possibility
of making further gains
in the labor market,» she said, adding that «disinflation pressure and weak demand from abroad will likely weigh on the U.S. outlook for some time, and fragility in global markets could again pose risks here at home.&raqu
in the labor
market,» she said, adding that «disinflation pressure and weak demand from abroad will likely weigh on the U.S. outlook for some time, and fragility
in global markets could again pose risks here at home.&raqu
in global
markets could again pose risks here at home.»
Readers are cautioned that these forward - looking statements are only predictions and may differ materially from actual future events or results due a variety
of factors, including, among other things, that conditions to the closing
of the transaction may not be satisfied, the potential impact on the business
of Accompany due to the
uncertainty about the acquisition, the retention
of employees
of Accompany and the ability
of Cisco to successfully integrate Accompany and to achieve expected benefits, business and economic conditions and growth trends
in the networking industry, customer
markets and various geographic regions, global economic conditions and
uncertainties in the geopolitical environment and other risk factors set forth
in Cisco's most recent reports on Form 10 - K and Form 10 - Q.
Many times, when companies first start experimenting with content
marketing tactics, they eagerly jump into many
of the well - documented strategies such as creating a company blog or registering for each social channel, but don't see the immediate results that they were looking for — this can cause
uncertainty in their
marketing tactics and lead to an eventual failure.
But
uncertainty remains over what regulators will make
of the merged group's grip
of the overall agriculture
market, with a combined
market share
in seeds and pesticides
of about 28 %.
[T] he dramatic increase
in leveraged bond positions by both US hedge funds and mundane money managers set
in motion self - reinforcing liquidations once
uncertainty over emerging
markets including Turkey, Venezuela, Mexico, and Malaysia - all
of which experienced sharp capital flow volatility - put pressure on speculative positions.
These risks and
uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth
in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures
in European countries that may increase the amount
of discount required on Gilead's products; an increase
in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift
in payer mix to more highly discounted payer segments and geographic regions and decreases
in treatment duration; availability
of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations
in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations
in Gilead's earnings;
market share and price erosion caused by the introduction
of generic versions
of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect
of lowering prices or reducing the number
of insured patients; the possibility
of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials
in its currently anticipated timeframes; the levels
of inventory held by wholesalers and retailers which may cause fluctuations
in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits
of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates
in the timelines currently anticipated; Gilead's ability to receive regulatory approvals
in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages
of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development
of Gilead's product candidates, including GS - 9620 and Yescarta
in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes
in its stock price, corporate or other
market conditions; fluctuations
in the foreign exchange rate
of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time
in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
Uncertainty shock = lower US GDP estimates;
markets will price
in EU fragmentation; Fed likely to pass
in Dec; ultimate growth impact
of Trump will depend on whether his protectionism or Keynesianism triumphs; either way Trump will boost inflation / stagflation expectations as electorates say end wage deflation via immigration controls, trade protectionism, fiscal spending.
These risks and
uncertainties include competition and other economic conditions including fragmentation
of the media landscape and competition from other media alternatives; changes
in advertising demand, circulation levels and audience shares; the Company's ability to develop and grow its online businesses; the Company's reliance on revenue from printing and distributing third - party publications; changes
in newsprint prices; macroeconomic trends and conditions; the Company's ability to adapt to technological changes; the Company's ability to realize benefits or synergies from acquisitions or divestitures or to operate its businesses effectively following acquisitions or divestitures; the Company's success
in implementing expense mitigation efforts; the Company's reliance on third - party vendors for various services; adverse results from litigation, governmental investigations or tax - related proceedings or audits; the Company's ability to attract and retain employees; the Company's ability to satisfy pension and other postretirement employee benefit obligations; changes
in accounting standards; the effect
of labor strikes, lockouts and labor negotiations; regulatory and judicial rulings; the Company's indebtedness and ability to comply with debt covenants applicable to its debt facilities; the Company's ability to satisfy future capital and liquidity requirements; the Company's ability to access the credit and capital
markets at the times and
in the amounts needed and on acceptable terms; and other events beyond the Company's control that may result
in unexpected adverse operating results.
We investigate the causal
uncertainty surrounding the flash crash
in the U.S. Treasury bond
market on October 15, 2014, and the unresolved concern that no clear link has been identified between the start
of the flash crash at 9:33 and the opening
of the U.S. equity
market at 9:30.
A reduction
in causal
uncertainty lessens a threat to the erosion
of public trust and liquidity
in the world's safest securities
market.
The general importance
of reducing causal
uncertainty surrounding other historic flash crashes is similar to the importance
of reducing causal
uncertainty surrounding the October 2014 U.S. Treasury Bond Flash Crash: causal
uncertainty threatens to erode trust
in markets and impedes action to prevent similar events from occurring
in the future.
There are other headwinds affecting the global
markets: somewhat slower growth
in China, declining commodity
markets, the
uncertainties surrounding the coming end
of QE2, and more restrictive fiscal policies
in many countries.
On the other hand, commenters supporting the proposed 60 - day delay or a longer or indefinite delay argued that such delay would be appropriate, because it would provide sufficient time for the Department to complete its review
of the Rule and PTEs
in conformance with the President's Memorandum without issuing a series
of extensions that could create
market frictions due to
uncertainty regarding whether the Department would ultimately leave the Rule
in place, revise it, or rescind it.
The company has so far steered clear
of the U.S.
market, citing the legal
uncertainty of federal prohibition that overhangs legality
in several states.
For these reasons, this article focuses on the causal
uncertainty surrounding the October 2014 U.S. Treasury Bond Flash Crash, and
in particular on the unresolved concern that «no clear link has been identified between the [start
of the U.S. Treasury Bond Flash Crash at 9:33] and open
of the U.S. equity
market at 9:30 ET» [1].