Independent Banker - July 2019 - 32

PORTFOLIO
Portfolio Management
By Jim Reber, ICBA Securities
Shucking convention
No surprises here. Adjustable-rate securities
have performed as hoped since 2016.
" H
e was a bold man that fi rst ate an oyster. "
-Jonathan Swift, 1702
" It was a bold investor that purchased fl oating-rate
securities three years ago. " -Jim
Reber, 2019
The fi rst statement we accept as avuncular
truth. The second invites scrutiny. After all, as
2016 dawned, it appeared we had entered an
interest rate environment that would have lent
itself to short-term securities. The Fed made its
30 Q ICBA Independent Banker Q July 2019
fi rst adjustment to overnight rates in December
2015, moving Fed funds up to 0.5%. It was
poised to do more of the same.
The backdrop, however, off ered less clarity.
Although GDP averaged 2.9% in 2015, it had
begun tailing off in the second half of the year
and was up only 0.4% in the fourth quarter. Core
infl ation was also well under 2%. So, it was altogether
uncertain that rising rates would, in fact,
prevail in 2016.
Add to that an interest rate curve that was still
quite steep throughout the year. This ensured
that short-term investments would yield a lot
Jim Reber, CPA,
CFA (jreber@
icbasecurities.com),
is president and CEO
of ICBA Securities,
ICBA's institutional,
fixed-income
broker-dealer for
community banks

Independent Banker - July 2019

Table of Contents for the Digital Edition of Independent Banker - July 2019

Table of Contents
Independent Banker - July 2019 - Intro
Independent Banker - July 2019 - Cover1
Independent Banker - July 2019 - Cover2
Independent Banker - July 2019 - Table of Contents
Independent Banker - July 2019 - 2
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Independent Banker - July 2019 - Cover3
Independent Banker - July 2019 - Cover4
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