A floating rate fund adjusts its interest payouts
with changes in rates and thus has less of an impact due to change in interest rates.
A two - day Federal Reserve policy meeting ended Wednesday
with no change in rates, as expected, while the U.S. central bank said inflation had «moved close» to its target, leaving it on track to raise borrowing costs in June.
As yields have fallen, duration, or rate sensitivity, has risen, meaning that the risk associated
with a change in rates has generally risen for most bond benchmarks and traditional funds.
The U.S. dollar weakened during what was a choppy session a day after the Federal Reserve ended a policy meeting
with no change in rates and a less hawkish statement than investors had anticipated.
With no change in the rate of greenhouse gas emissions, we could warm that much in just 50 years.
The researchers also found a corresponding decline in stage 2 and stage 3 diagnoses,
with no change in the rate of stage 4 diagnoses.
Adjusting for many other factors that can affect student performance, Chingos compares changes in the rate of gain in student test performance in school districts that were forced to reduce class size
with changes in the rate of gain in other districts that could spend the funds as they saw fit.
The nation's largest airlines reported only one flight in August with a tarmac delay of more than three hours, compared to 66 flights in August 2009,
with no change in the rate of canceled flights, according to the Air Travel Consumer Report released today by the U.S. Department of Transportation (DOT).
From recent instrumental observations alone we are therefore unable to predict whether mass loss from these ice sheets will vary linearly
with changes in the rate of sea - level rise, or if a non-linear response is more likely.
This has everything to do
with changes in the rate and orientation of Earth's rotation, gravitational fields, and crust, according to an April 2017 study conducted by a seven - scientist working group of the California Ocean Protection Council Science Advisory Team.
With no change in the rate of greenhouse gas emissions, we could warm that much in just 50 years.
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.
While a small business owner tends to get stuck
in a particular market,
with a particular revenue stream and low growth
rate, an entrepreneur is continually seeking
change opportunities to break out of flatlined growth and find new markets, customers and employees to drive growth.
While investors will have to find stocks
with higher yields, pay more for them and take on more risk
in bonds, the biggest
change in a permanently low -
rate world is that people will need to set aside more of every paycheque if they want to keep the same goal for retirement income.
In countries
with these fixed
rates, governments can
change the official exchange
rate.
«When you
change your trading relationship and population movements
with the world, it has to
change everything from the cost and supply of labour, the cost of good (exchange
rate), the availability of market access (
in and out), government finances (fiscal policy) or as we know very well monetary policy.
With the RBA hinting at sub-trend growth, there's little chance of a
change in interest
rates in the near term.
«The startups
in the tech incubator Y Combinator, whose acceptance
rate is less than 3 percent,
change products and markets so frequently that the idea they applied
with is often irrelevant to the final product,» said Paul Graham of Y Combinator.
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.
CHANGE AT THE FED: Investors have generally expected a smooth transition from Janet Yellen to Jerome Powell as Fed chair,
with little difference
in approach to
rate policy.
The wording
change is
in line
with what the Fed committee said
in the run - up to raising
rates in 2004 following a period of low interest
rates.
As someone who teaches and advises
in the field and has an obligation to keep current
with emerging developments, given the significant
rate of
change in the last ten years, I could not imagine how a director of a company could remain current without ongoing requirements rather than passing familiarity or osmosis (I am speaking here of directors who have chosen not to upgrade their education).
Gallup notes that this positive
change is also associated
with an increase
in standard of living
ratings, economic confidence, and job availability.
If you think
changing specific elements could enhance your design, create another version based on your hypothesis and run an A / B test to see if there is any improvement
in checkout
rates with the new design.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate
change affecting the operations of the Company or its customers and suppliers; (2) the Company's credit
ratings and its cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange
rates and fluctuations
in those
rates; (5) the timing and market acceptance of new product offerings; (6) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays
with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur
in the legal and regulatory proceedings described
in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
With the passage of a tax cut bill by Congress late last year, small businesses need to be aware of the
changes in tax
rates and deductions that will take effect this year.
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).
These risks include,
in no particular order, the following: the trends toward more high - definition, on - demand and anytime, anywhere video will not continue to develop at its current pace or will expire; the possibility that our products will not generate sales that are commensurate
with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the mix of products and services sold
in various geographies and the effect it has on gross margins; delays or decreases
in capital spending
in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; the impact of general economic conditions on our sales and operations; our ability to develop new and enhanced products
in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated
with our international operations; exchange
rate fluctuations of the currencies
in which we conduct business; risks associated
with our CableOS ™ and VOS ™ product solutions; dependence on market acceptance of various types of broadband services, on the adoption of new broadband technologies and on broadband industry trends; inventory management; the lack of timely availability of parts or raw materials necessary to produce our products; the impact of increases
in the prices of raw materials and oil; the effect of competition, on both revenue and gross margins; difficulties associated
with rapid technological
changes in our markets; risks associated
with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters.
Variable interest
rates range from 3.80 % -11.90 % (3.80 % -11.80 % APR) and will fluctuate over the term of the loan
with changes in the LIBOR
rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer.
A variable APR usually
changes with the prime
rate, as published
in the Wall Street Journal.
Variable interest
rates range from 2.90 % -8.00 % (2.90 % -8.00 % APR) and will fluctuate over the term of the borrower's loan
with changes in the LIBOR
rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer.
The interest
rate for the loan will be adjusted with each change in the Wells Fargo Prime R
rate for the loan will be adjusted
with each
change in the Wells Fargo Prime
RateRate.
Actual results could differ materially from those expressed
in or implied by the forward - looking statements contained
in this release because of a variety of factors, including conditions to, or
changes in the timing of, proposed real estate and other transactions, prevailing interest
rates and non-recurring charges, store closings, competitive pressures from specialty stores, general merchandise stores, off - price and discount stores, manufacturers» outlets, the Internet, mail - order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified
in documents filed by the company
with the Securities and Exchange Commission.
Securities
with longer durations are more sensitive to
changes in interest
rates than securities of shorter durations.
(President Trump and Republicans
in Congress have proposed lowering the highest tax
rate to 37 %, along
with other
changes in a major plan for tax reform.)
Indeed,
in a classic paper written
in the early 1960s, Mundell (Mundell, 1963) showed how,
in a world of complete asset substitutability and perfect capital mobility, real interest
rates would be largely determined by international market forces
with the exchange
rate moving
in response to
changes in domestic monetary policy to provide most of the desired accommodation or tightening.
It is of great importance that the public is confident that the federal funds
rate will be, on average over time, within the target range set forth by the FOMC, and that other money market
rates will continue to move closely
with changes in the federal funds
rate.
A number of operational features were required to implement such an overnight reverse repo, or ON RRP, facility: It would need same - day settlement; 16 the operation would need to be run predictably, every day, and as late
in the day as possible, to give lenders time to bargain
with other counterparties using the outside option of investing
with the Federal Reserve; 17 an appropriate spread below IOR would be required to ensure that the facility neither induced large
changes in the structure of money markets nor lost the ability to support interest
rate control; 18 and the operations would need enough unused capacity that lenders could credibly propose to leave borrowers that did not offer an adequate interest
rate.19
Factors that could cause or contribute to actual results differing from our forward - looking statements include risks relating to: failure of DBRS to
rate the Notes at the anticipated
ratings levels, which is a closing condition, or at all;
changes in the financial markets, including
changes in credit markets, interest
rates, securitization markets generally and our proposed securitization
in particular; the willingness of investors to buy the Notes; adverse developments regarding OnDeck, its business or the online or broader marketplace lending industry generally, any of which could impact what credit
ratings, if any, are issued
with respect to the Notes; the extended settlement cycle for the scheduled closing on April 17, 2018, which may exacerbate the foregoing risks; and other risks, including those described
in our Annual Report on Form 10 - K for the year ended December 31, 2017 and
in other documents that we file
with the Securities and Exchange Commission from time to time which are or will be available on the Commission's website at www.sec.gov.
These
changes are
in turn reflected, albeit
with declining influence, out the yield curve to longer - dated instruments and, importantly,
in the exchange
rate.
But a prolonged continuation of the exchange
rate arrangements that have given rise to the large increase
in foreign official investments
in U.S. financial assets is unlikely to be consistent
with the domestic requirements of those economies, and for this reason many are already
in the process of
change.
Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; delays
in the completion of project sales; continued success
in technological innovations and delivery of products
with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 27, 2017.
Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; continued success
in technological innovations and delivery of products
with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 20, 2016.
Forward - looking statements may include, among others, statements concerning our projected adjusted income (loss) from operations outlook for 2018, on both a consolidated and segment basis; projected total revenue growth and global medical customer growth, each over year end 2017; projected growth beyond 2018; projected medical care and operating expense ratios and medical cost trends; our projected consolidated adjusted tax
rate; future financial or operating performance, including our ability to deliver personalized and innovative solutions for our customers and clients; future growth, business strategy, strategic or operational initiatives; economic, regulatory or competitive environments, particularly
with respect to the pace and extent of
change in these areas; financing or capital deployment plans and amounts available for future deployment; our prospects for growth
in the coming years; the proposed merger (the «Merger»)
with Express Scripts Holding Company («Express Scripts») and other statements regarding Cigna's future beliefs, expectations, plans, intentions, financial condition or performance.
Depending on where you live
in Florida, from Miami
with its frequent storms to the relative calm of Jacksonville, your yearly
rate can
change a lot.
Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high - purity silicon; demand for end - use products by consumers and inventory levels of such products
in the supply chain;
changes in demand from significant customers;
changes in demand from major markets such as Japan, the U.S., India and China;
changes in customer order patterns;
changes in product mix; capacity utilization; level of competition; pricing pressure and declines
in average selling prices; delays
in new product introduction; delays
in utility - scale project approval process; delays
in utility - scale project construction; cancelation of utility - scale feed -
in - tariff contracts
in Japan; continued success
in technological innovations and delivery of products
with the features customers demand; shortage
in supply of materials or capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report on Form 20 - F filed on April 27, 2017.
A bond fund
with a longer average maturity will see its net asset value (NAV) react more dramatically to
changes in interest
rates as the prices of the underlying bonds
in the portfolio increase or decline.
The slowing
in 2015 results from a further decline
in the growth of trend labour input coupled
with no
change in the growth
rate of trend labour productivity.
It can help you determine how much you could pay
in interest
with a small
change in interest
rate.
The corridor shifts
in line
with changes in the cash
rate target, as do the incentives for trading within that range.