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To keep the federal funds rate, the Fed’s benchmark interest rate, within the quarter-percentage point range set by policy makers at each meeting, the Fed uses two other interest rates: IOER near the top of the range, which is only available to banks, and the overnight reverse repurchase rate at the bottom, which is available to a wider range of institutions. Currently that fed funds rate is within a range of 2.00 to 2.25 percent after eight rate hikes beginning in December 2015. The problem facing the Fed is that as reserves have drained from the system through rate hikes and the reduction of its portfolio of bonds, the fed funds effective rate has been drifting toward the high end of the range.

To contain that, the funny usb cufflinks Fed in June only raised the IOER rate by 20 basis points at the same time that it raised the fed funds target range by 25 basis points, That created a 5-basis point buffer between the two designed to keep the fed funds target rate inside the desired range, Since September’s rate increase, however, the fed funds target rate has been consistently trading exactly at the IOER rate, and some analysts worry that as reserves shrink further it will drive the Fed’s target rate above IOER and possibly above the fed funds range..

“With the funds rate drifting up within the range again in recent months, the committee suggested at this meeting that IOER might rise only 20 basis points in December, to again help move the funds rate toward the middle of the target range,” said Bob Miller, head of U.S. multi-sector fixed income at Blackrock Inc. That would widen the buffer between the top of the fed funds rate and the IOER rate to 10 basis points. Moreover, the Fed now appears to be leaning toward an environment in which it maintains an abundance of bank reserves to help it attain its policy rate goals, Miller said. That suggests the Fed may opt to maintain a larger permanent holding of bonds.

TOKYO (Reuters) - Japan’s stockbrokers are rubbing their funny usb cufflinks hands ahead of SoftBank’s record-breaking $21 billion share sale, banking on the telco’s brand power and unprecedented marketing campaign to boost business in a country replete with IPO-hungry investors, The deal’s lead underwriters, including Nomura Holdings Inc, Daiwa Securities Group Inc and SMBC Nikko Securities Inc have together launched what is widely believed to be Japan’s first TV ads for a private company’s initial public offering (IPO)..

The adverts joke how everyone, from breakfasting families to a humanoid future-predicting plant, is talking about the IPO - the country’s largest-ever, and the world’s biggest since 2014. “When we talk about IPOs, individuals are the main providers of risk money,” said one IPO banker at a major brokerage. “In Japan, institutional investors are too risk averse.”. The sale, with orders beginning on Dec. 3, comes as brokers work to attract new household money and increase customer assets to bump up management fees. The effort is aimed at reviving earnings as regulators discourage brokers from promoting the frequent buying and selling of stocks to generate fees.

SoftBank Group Corp’s IPO of its domestic mobile phone network business, SoftBank Corp [9434.T], will see at least 80 percent of shares on sale offered to domestic retail investors - a figure typical for a Japanese IPO, and in contrast to the United States where 10 to 20 percent is the norm, The firm will publish an indicative price range on Friday, As funny usb cufflinks well as six lead underwriters, a host of smaller brokers are angling to get involved - arranging marketing calls and conducting mailshots - in the hope of welcoming a rush of first-time investors opening accounts in anticipation of the IPO..

Okasan Online Securities has seen a two-to-three-fold jump in the number of accounts created in recent weeks versus the year’s average, many by people wanting SoftBank IPO shares. “We are getting good customer feedback,” said Okasan Managing Director Hirofumi Inada. “The number of enquiries are on the rise.”. While Japanese households tend to be viewed as conservative - holding over half of the country’s $16.11 trillion worth of private wealth in cash and short-term deposits versus just 13 percent in the U.S. - individual investors in recent years have increasingly viewed IPOs as a guaranteed route to quick profit.

According to stock exchange data, the number of individual investors rose by a record 3.62 million in 2015, the year of Japan Post’s $11.9 billion triple IPO, The paucity of deals in Japan also raises interest in each IPO, Public floats in Tokyo have raised $2.24 billion so far this year, showed data from Dealogic, compared with $30.6 billion in Hong Kong, Nomura, Daiwa and SMBC Nikko declined to comment, as did fellow lead underwriters Mizuho Securities Co Ltd [MZFGX.UL], Mitsubishi UFJ Morgan Stanley Securities Co Ltd and SBI funny usb cufflinks Securities Co Ltd, Bankers interviewed declined to be identified as they were not authorized to discuss the matter publicly..

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