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Financial 15 Split Corp T.FTN

Alternate Symbol(s):  T.FTN.PR.A | FNNCF

Financial 15 Split Corp. is a mutual fund company. The Company’s investment objectives with respect to the preferred shares are to provide holders of preferred shares with cumulative preferential monthly cash dividends in an amount fixed by the board of directors on an annual basis. Its investment objectives with respect to the Class A shares are to provide holders of Class A shares with regular monthly cash distributions, in an amount to be determined by the board of directors; and to permit such holders to participate in all growth in the net asset value of the Company above $10.00 per unit, by paying such holders, on or about the termination date, such amounts as remain in the Company on the termination date after paying the preferred share repayment amount to the holders of the preferred shares. It invests in a portfolio consisting of 15 financial services companies made up of Canadian and United States issuers. Its investment manager is Quadravest Capital Management Inc.


TSX:FTN - Post by User

Post by mousermanon Mar 20, 2024 2:45pm
150 Views
Post# 35943383

FED holds rates steady, market likes it

FED holds rates steady, market likes it

US stocks popped on Wednesday after the Federal Reserve held interest rates unchanged and stuck to its projection of three rate cuts this year.

The S&P 500 (^GSPC) rose 0.2% on the heels of a fresh all-time closing high for the benchmark on Tuesday. Meanwhile, the Dow Jones Industrial Average (^DJI) also popped 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) led the gains, rising more than 0.3%. All three of the major averages had been in the red at some point during the session prior the announcement.

Along with its policy announcement, the Fed released updated economic forecasts in its Summary of Economic Projections (SEP), including its "dot plot," which maps out policymakers' expectations for where interest rates could be headed in the future.

Fed officials see the fed funds rate falling to 4.6% by the end of 2024. That suggests the Fed will cut rates by 0.75% this year. Notably, this falls in line with market pricing from investors entering Wednesday.

Bonds were little changed on the news. Yields on the 10-year Treasury (^TNX) were slightly lower at around 4.28%, after rising over 20 basis points in the past two weeks.

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