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Bloomberg
It’s a math test that Illinois, New Jersey and even Texas are nearly failing: How to pay for billions of dollars in unfunded liabilities for public-employee pensions and retiree health care.
They were among the six states that received a D-minus grade, the lowest one possible, in a new report by the Volcker Alliance that scored how they’ve dealt with looming legacy costs over the past three years.
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CFA Society Chicago
Thursday, December 20, 2018
5:00 pm
Boleo, 122 W Monroe St., Chicago, IL 60603
Join your colleagues and unwind from your work day for a networking happy hour.
Location: Boleo (Rooftop - Kimpton Gray Hotel)
Cost: This will be a cash bar event.
RSVP: Please email CFAhappyhours@cfachicago.org
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CFA Society Chicago
Wednesday, January 16, 2019
4:00 pm - 6:00 pm
The Standard Club, 320 S. Plymouth Court, Chicago, IL
Program Description:
Join us as our speakers each discuss the economic outlook and markets in the wake of changes in tax, regulatory, trade and monetary policies during the first two years of Trump administration.
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Reuters
Chicago will not immediately pursue the issuance of up to $10 billion of pension bonds to buoy its underfunded retirement system, under steps Mayor Rahm Emanuel will outline to the city council on Wednesday, a city hall source said on Tuesday. Instead, Emanuel, who is not seeking a third term in office next year, will work with aldermen to create a structure for the debt, leaving it up to them and the next mayor to decide whether to issue the bonds, the source added.
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Forbes
You can’t blame U.S. investors for being a bit complacent, even over-confident. After all, we have not had a catastrophic decline in the S&P 500 since 2009. Even when a group of stocks takes a big hit (as occurred recently with many S&P 500 component stocks off by more than 20 percent), something happens to create a market bottom.
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Business Insider
JPMorgan Chase announced Wednesday that it was committing $10 million to Chicago's South Side and its West Side as part of its five-year, $500 million AdvancingCities initiative.
CEO Jamie Dimon made the announcement in Chicago and was joined by the Chicago Community Loan Fund's president, Calvin Holmes, and Governor-elect J.B. Pritzker.
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Bloomberg
Chicago Mayor Rahm Emanuel is bullish on the stock market.
That’s one implication of the plan he offered up to bolster the city’s struggling pension funds before he leaves office in May. It calls for selling $10 billion of bonds and handing the money over to its pensions, wagering that they will make more on their investments than the city will pay out in interest. It’s like a massive margin loan, secured by Chicago’s tax dollars.
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USA Today
Everybody’s heard of sticker shock. But what about account balance trauma?
That’s a form of distress 401(k) savers with all their money invested in stocks will likely experience when they peek at their fourth-quarter account statements. If you've been watching the stock market slump in the final quarter of 2018, you know it’s been a dreary stretch.
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MarketWatch
An Elliottwavetrader member attended the 32nd Economic Outlook Symposium hosted by the Federal Reserve Bank of Chicago in November. On the first day, he sat in a room with 150 economists. When asked how many see a recession in 2019, two hands went up.
So let me ask a question: When was the last time the majority of economists correctly called for a recession?
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