Climates differ and plants vary, but the basic rule for staple cereal crops grown at optimal temperature is that for every degree of warming,
yields decline by 10 percent.
Not exact matches
In particular, «agricultural commodities are supported
by the dynamics of water shortages in Asia and the Western United States, the
declining payback from the green revolution in terms of improving crop
yields and the increasing demand from Asia for a diet based more on grains and meat as the population becomes wealthier,» the group responded
by e-mail.
Florida produces nearly half of U.S. citrus, despite recent
declines in productivity.Since 2005, the state's citrus harvest has fallen
by 70 percent partly due to citrus greening, a disease that cuts
yields and makes fruit more bitter.
But cross-country differences in equity returns
declined to pre-crisis levels while the range of
yields on debt securities issued
by banks and
by non-financial corporations also narrowed, suggesting that there is some integration at least in prices of financial instruments.
Treasuries extended
declines from October, pushing 10 - year
yields to a five - week high, as the probability of a Federal Reserve interest - rate increase
by year - end hovered near 50 percent.
Therefore, at current levels the maximum price return for UST 10 yr is 18 % calculated as follows: the
yield declines from 2.91 % to 0 % and the price rises
by 2.91 x 9 yr duration or 26.19 %.
It was pressured down to its low
by a rising dollar (DX from 89.88 — 90.20, 2 - week high), which was boosted
by a softening yen (107.35 — 107.70, rising US
yields) a continued
decline in the pound ($ 1.4095 - $ 1.4035, fallout from BOE's Carney comments that they could hold off raising rates next month), and a pullback in the euro ($ 1.2350 - $ 1.2295, miss on German PPI).
As of last week, the Market Climate in stocks remained characterized
by an overvalued, overbought, overbullish, rising -
yields syndrome that has historically produced periods of marginal new highs, slight
declines, and yet further marginal highs, followed somewhat unpredictably
by nearly vertical drops.
In bonds, Friday's tepid unemployment report was accompanied
by a substantial
decline in both real and nominal
yields - enough to move the Market Climate in bonds to a condition of both unfavorable valuations and unfavorable market action.
Emerging companies While many high
yield bonds are issued
by former investment grade companies in
decline, the high
yield market also provides financing opportunities for emerging companies seeking working capital for expansion or to fund acquisitions.
Compensation for risk actually tended to
decline gradually, as a result of a very strong «search for
yield»
by investors and heightened competition among intermediaries to lend.
If our stock holdings lag the major indices (whether
by gaining less or
declining more), we would expect to achieve performance below Treasury bill
yields.
As exhibited
by declining Treasury
yields and very modest inflation, this is at odds with conventional market forces and investors» expectations for growth.
This initiated a further
decline in 10 - year government bond
yields, which fell to all - time lows for nine large euro area countries including France, Ireland and Spain
by 26 November, the end of the period under review (Graph 5, right - hand panel).
As holders of monetary base try to get rid of their hot potatoes
by purchasing Treasury bills, T - bill prices rise, and (per the Iron Law of Valuation) their
yield declines.
YTD, his Crisis Investment Opportunities newsletter has more than tripled the
yield of the US S&P 500 after also returning positive
yields last year, at a time in which the HUI gold bugs index
declined by more than 50 % from January 2015 to January 2016.
As Wolf Richter pointed out for Wolf Street earlier this month: «Since mid-December 2016, the Fed has hiked rates four times, in total
by 1 percentage point, but over the same period, junk bond
yields rated CCC or below have
declined 1.5 percentage points as the bonds have rallied.»
The pound fell 1 % after the announcement while
yields on United Kingdom government bonds
declined, aided in part
by concerns expressed
by the MPC that the uncertainty surrounding Brexit will continue to weigh on domestic activity, which has slowed even as global growth has accelerated.
Although inflation compensation, which has returned as an accurate measure of inflation expectations, plays a key role in the recent rise in longer - term rates, an earlier post illustrated that the primary reason for the longer
decline in the 10 - Year Treasury note rate is the real, or inflation - adjusted,
yield, as measured
by the rate on 10 - Year Treasury Inflated Protected Securities.
We expect earnings growth to take over from multiple expansion as a driver of returns, and the
decline in risk premia to largely be offset
by a rise in underlying government bond
yields.
Here's why: Most corrections in stocks are accompanied
by a rise in bond prices (and a
decline in
yields) as investors take risk off the table and seek greater safety.
By purchasing these companies after a price
decline, we find we are able to control risk in the portfolio as these investments often have less downside while offering a decent potential return.The U.S. Equity Fund seeks to invest in companies with a lower Price to Book Ratio, lower Price to Earnings Ratio and higher Dividend
Yield than the S&P 500 index.
Despite this, rental
yields even in these cities have
declined to levels that are low
by international standards and past experience.
Based on the data below, for each 1 % increase in the 10 - year U.S. Treasury
yield, STORE capital's dividend
yield can be expected to rise
by about 1.47 %, meaning the share price would be expected to
decline (perhaps somewhat meaningfully) over the short - term.
CORPORATE FINANCING NEWS: CORPORATE DEBT
By Gordon Platt US interest rates have been in a general
declining trend since 1981, when Paul Volcker was Federal Reserve chairman and the 10 - year Treasury bond
yielded 16 %.
Growing crops that cope with high temperatures can boost
yields up to 15 per cent, offsetting much of the almost 20 per cent
decline expected
by 2100.
Without fish, there can be no fishing — and such an outcome could be the future: A recent study indicates that the world's oceans appear headed toward a global collapse as overall fishing
yields continue to
decline dramatically, having dropped
by some 10.6 million metric tons since 1994.
A high intensity tobacco control campaign would lead to a 2.5 % relative
decline in smoking rates
by 2015 and prevent 1.1 million deaths due to smoking
by 2050, while stronger health warnings were projected to
yield a relative 2.3 % reduction in smoking rates
by 2050.
The models included terms for time (age in years, divided
by 10 so the coefficients
yield effects of
decline over 10 years), age cohorts (age at baseline in five year bands) to adjust for secular effects, and an interaction term between age cohort and time, separately in men and women.
A study of some North African countries suggests that some rain - fed crop
yields could
decline as much as 50 percent in extreme years
by 2020.
While it is true that preferred stocks may see price
declines as traditional long - term bonds would, the losses may be more than offset
by the potential
yield.
In 2001 when the smoothed
yield curve flattened, but didn't invert, World EPS again
declined by more than 10 percent.
While the initial
yield was high, your overall return has been eroded
by a 25 %
decline in the nominal value of your investment.
While I still believe U.S.
yields are likely to rise modestly
by year's end, last week's
decline in
yields is a reminder that we're in a «low - for - long» interest rate environment.
Most of our investments have characteristics that have been associated empirically with above - average investment rates of return over long measurement periods: a low stock price in relation to book value, a low price - to - earnings ratio, a low price - to - cash - flow ratio, an above - average dividend
yield, a low price - to - sales ratio compared to other companies in the same industry, a significant pattern of purchases
by insiders, a significant
decline in share price.
Eventually a spike in stock prices and / or an earnings
decline caused
by a recession will lower the earnings
yield on stocks, but until then, nervous investors will likely continue to underperform.
Flat
Yield Curve - This curve indicates the
yields of bonds with different maturities are relatively constant, and is seen when interest rates are expected to
decline moderately but offset
by positive term premium.
The return increase from an overall
decline in 20 - year US bond
yields, from a high of 14.1 % in September 1981 to 3.0 % in December 2015, may have been largely offset
by lower income on reinvested cash flows.
Both are being supported
by accommodative credit conditions, which have eased in recent weeks mainly owing to sharp
declines in global bond
yields.
These high
yield, long duration bonds are impacted
by both credit risk driven
by declining tobacco use and the possibility of rising rates.
Given the
declining yields in US equities and continued thirst for dividends
by investors, I decided to run a screen over at Finviz.com to see if I could come up with any potential high
yield candidates.
If the
yields on either the 10 - year or the 20 - year bonds were to rise modestly — say, to 3.5 % for the 10 - year, and the 30 - year to 4 % — the market value of the bonds (or of bond funds investing in long - term Treasuries) would
decline by 20 % to 30 %.
As the
yields of many fixed - income securities
declined after the financial crisis, the interest rates paid
by corporate bonds made them more appealing.
The chart below shows the
decline in the US Treasury
yield over the last 21 years split between the real yield, as estimated by the Bloomberg Barclays US Inflation Linked Bonds Average Annual Yield, and the level of inflation expectations implied by the 10 - year nominal Treasury Bond y
yield over the last 21 years split between the real
yield, as estimated by the Bloomberg Barclays US Inflation Linked Bonds Average Annual Yield, and the level of inflation expectations implied by the 10 - year nominal Treasury Bond y
yield, as estimated
by the Bloomberg Barclays US Inflation Linked Bonds Average Annual
Yield, and the level of inflation expectations implied by the 10 - year nominal Treasury Bond y
Yield, and the level of inflation expectations implied
by the 10 - year nominal Treasury Bond
yieldyield.
As explained
by Charles Schwab Investment Management, and covered in a recent PlanSponsor article, [1] maintaining a given
yield level implies adding credit risk when interest rates
decline.
In 1982, the
yield on the 10 - year Treasury note was nearly 15 %; since then, it has been in steady
decline, barely cracking 2 %
by 2012.
An increased dividend
yield (caused
by the price
decline) has come at a much higher risk.
During periods of
declining interest rates, certain mortgage REITs may hold mortgages that mortgagors elect to prepay, which can reduce the
yield on securities issued
by mortgage REITs.
(As of 3/31/18)-- The Buffalo High
Yield Fund retreated 0.54 % for the quarter ending March 31, 2018, but outperformed the ICE BofA Merrill Lynch High
Yield Master II Index (the «Index»)
by 37 bps, which
declined 0.91 % during the period.
Dematerialization proved to be a useful myth: useful in that the term was convenient shorthand for the
decline of the conventional art object (a painting or sculpture handmade
by the artist - author); a myth in that so much advanced work of the period
yielded a decidedly material proliferation of paperwork — handwritten or typed texts, contracts of ownership and certificates of authenticity, photographic documentation, inventories, and working drawings.