Pennsylvania + Wall


Pennsylvania + Wall provides commentary on a broad range of current financial, economic and regulatory reform topics. The views expressed are those of the authors, and do not necessarily reflect the position of SIFMA.

May 31, 2013

Why the Industry Wants Better Financial Data

By Tom Price and David Strongin

LEI - Financial DataA recent Wall Street Journal article, "Regulators Want Better Financial Data," rightly notes that improving the quality of financial data is vital to managing systemic risk in the financial system. But it's not just regulators who see a benefit in measuring interrelated risk in the financial system- it's a top priority for the financial industry as well..... Read more...

May 23, 2013

Closing Time

By Robert Toomey

Market RecommendationsFor most in Washington, SIFMA is known as a financial services trade association that advocates on a wide variety of issues on behalf of our members. For market participants in the global US-dollar denominated fixed-income markets, however, we're the go to place for their vacation planning..... Read more...

May 10, 2013

Giving Our Kids More Than A Piggy Bank

By Richard Brueckner

SIFMA Foundation AwardsI grew up when we were still a nation of savers. The personal savings rate in the U.S. at the time I graduated college was hovering around the 10-percent mark. Like most people my age, I’d been schooled early on in the importance of putting money away for the future. I had my first paying job at age eight, opened my first savings account as a teenager and learned about compound interest (investment vehicles at the time were fairly straightforward)..... Read more...

May 07, 2013

Municipal Bonds - Risky Business?

By Michael Decker

Municipal Bonds Why invest in the $3.7 trillion municipal bond market? Tax exemption, low default risk, and an investment that lends money to state and local governments to build roads, schools, and hospitals, among other essential needs, are among some of the compelling reasons. And the returns:  the average weekly value of the Bond Buyer 20-bond GO Index over the last 20 years (1993-2012) is 5.0%. Generally, municipal bond investors' interest income is exempt from taxation, so for an investor in the 35% federal tax bracket and with a 5% state income tax buying in-state bonds, that 5.0% translates into a taxable equivalent yield of 8.3%, a very attractive return for so little credit risk. Now in 2013, with the 39.6% federal bracket back in place and a new tax on investments in effect, the value of tax-exempt interest is even larger..... Read more...



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