*Bill Ackman closes short position in U.S. bonds*

Bond markets are gearing up for a busy week as the U.S. Treasury begins another series of auctions this week. The Treasury will sell $51 billion in new 2-year notes starting on Tuesday, the first of three benchmark auctions that will look to sell $114 billion in Treasury notes. The timing of the auction is curious as the yield for the 10-year note tops the 5% threshold for the first time since 2007 and as markets have their worst sell-off in nearly two years. Related: Bond markets back in focus, with 2-year auction on deck, as selloff continues One investor who has been short the bond market, or is betting heavily that bond prices will fall, is billionaire activist investor Bill Ackman. But he is changing his tune now, ahead of this week's auction. Ackman, CEO of hedge fund management company Pershing Square, took to Twitter to announce that his firm has "covered our bond short" while also stating that "there is too much risk in the world to remain short bonds at current long-term rates."The economy is slowing faster than recent data suggests.— Bill Ackman (@BillAckman) October 23, 2023 Treasury yields have spiked in recent weeks as a combination of faster inflation, a hawkish Federal Reserve, a resilient job market and the prospect of deeper government borrowing to fund record fiscal deficits have coalesced into a perfect storm for Treasury bonds that are seen as less volatile than equities like stocks. The 2-year Treasury note was last seen trading at 5.114% and some investors think there may be more room to run, as well, given that long-dated yields are still trading at a discount to both the current effective Fed Funds rate of 5.33% and the projected rate of 5.6% based on bets of at least one more rate hike over the coming months. All that demand is helping force out short-sellers like Bill Ackman who have a high chance of taking a bath if they stay in their current positions. Demand could be tested further into the end of the year, however, after Treasury Secretary Janet Yellen publishes her quarterly refunding report on November 1 – also the day of the next Fed rate decision – which will outline the size of benchmark auctions, as well as the overall debt-raising mandate, heading into 2024.
[Read more...](https://www.thestreet.com/economy/billionaire-investor-makes-a-move-on-bonds-has-a-dire-warning-about-the-global-economy)

Bill Ackman closes short position in U.S. bonds

Bond markets are gearing up for a busy week as the U.S. Treasury begins another series of auctions this week. The Treasury will sell $51 billion in new 2-year notes starting on Tuesday, the first of three benchmark auctions that will look to sell $114 billion in Treasury notes. The timing of the auction is curious as the yield for the 10-year note tops the 5% threshold for the first time since 2007 and as markets have their worst sell-off in nearly two years. Related: Bond markets back in focus, with 2-year auction on deck, as selloff continues One investor who has been short the bond market, or is betting heavily that bond prices will fall, is billionaire activist investor Bill Ackman. But he is changing his tune now, ahead of this week's auction. Ackman, CEO of hedge fund management company Pershing Square, took to Twitter to announce that his firm has "covered our bond short" while also stating that "there is too much risk in the world to remain short bonds at current long-term rates."The economy is slowing faster than recent data suggests.— Bill Ackman (@BillAckman) October 23, 2023 Treasury yields have spiked in recent weeks as a combination of faster inflation, a hawkish Federal Reserve, a resilient job market and the prospect of deeper government borrowing to fund record fiscal deficits have coalesced into a perfect storm for Treasury bonds that are seen as less volatile than equities like stocks. The 2-year Treasury note was last seen trading at 5.114% and some investors think there may be more room to run, as well, given that long-dated yields are still trading at a discount to both the current effective Fed Funds rate of 5.33% and the projected rate of 5.6% based on bets of at least one more rate hike over the coming months. All that demand is helping force out short-sellers like Bill Ackman who have a high chance of taking a bath if they stay in their current positions. Demand could be tested further into the end of the year, however, after Treasury Secretary Janet Yellen publishes her quarterly refunding report on November 1 – also the day of the next Fed rate decision – which will outline the size of benchmark auctions, as well as the overall debt-raising mandate, heading into 2024.
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*Особенности*

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Особенности

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*Военизированная*

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Военизированная

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*Композитный*

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Композитный

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*Форма ВДВ*

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Форма ВДВ

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*This Costco Snack Is a Nutella-Lover’s Dream*

Grab it while you can. READ MORE...
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*Doris Burke recounts ESPN's surprise layoffs and how she received the top NBA analyst role*

The NBA season is set to tip off on Oct. 24, and Doris Burke will be making history throughout it. She is the first woman to ever be a part of ESPN's lead announcer trio, and will be the first to ever call the NBA Finals on television. That's just a few years after she became the first woman to ever call the NBA Finals on ESPN Radio. Burke officially got the role in August, joining fellow Hall of Famer Mike Breen and former NBA head coach Doc Rivers. But her ascension to the top team came at the expense of two of her friends, Jeff Van Gundy and Mark Jackson. Both of them joined Breen on the broadcast for at least 15 years.Related: ESPN's new-look NBA broadcast team set to make debut On a podcast episode of "Sports Media with Richard Deistch," Burke recounted how she learned her name was in the hat to join ESPN's top team. She said she didn't remember the date, but that she just saw on X (formerly Twitter) that after Van Gundy was let go, Rivers and other ESPN colleagues Richard Jefferson and JJ Redick were considered candidates. "But my agent let me know that I, too, was in the mix," Burke said. She then met with Dave Roberts, ESPN's head of events and studio production and recalled very assuring sentiments from the executive. "I also remember the last line was, 'We believe you've earned this,'" Burke said. "That was a satisfying thing to hear." Burke has been with ESPN covering basketball since 1991 and revered in the space for being a trailblazer for women. She was even awarded the Curt Gowdy Media Award by the Naismith Memorial Hall of Fame in 2018.Related: ESPN exec gives honest thoughts about recent layoffs, other major sports moves But Burke's ascension to her new role came at the expense of Van Gundy, who is her friend. When asked by Deistch whether Van Gundy had spoken to her about her new role, Burke dodged the question, instead talking about how much he had supported her during other parts of her career. "When the NBA Finals sideline reporting job ... the first person to call me was Jeff Van Gundy," Burke said. "I know for a fact he pushed back at times at people [who] maybe had some things to say about me being an analyst on the NBA. So I'm always indebted." Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
[Read more...](https://www.thestreet.com/sports/doris-burke-espn-layoffs-top-nba-analyst)

Doris Burke recounts ESPN's surprise layoffs and how she received the top NBA analyst role

The NBA season is set to tip off on Oct. 24, and Doris Burke will be making history throughout it. She is the first woman to ever be a part of ESPN's lead announcer trio, and will be the first to ever call the NBA Finals on television. That's just a few years after she became the first woman to ever call the NBA Finals on ESPN Radio. Burke officially got the role in August, joining fellow Hall of Famer Mike Breen and former NBA head coach Doc Rivers. But her ascension to the top team came at the expense of two of her friends, Jeff Van Gundy and Mark Jackson. Both of them joined Breen on the broadcast for at least 15 years.Related: ESPN's new-look NBA broadcast team set to make debut On a podcast episode of "Sports Media with Richard Deistch," Burke recounted how she learned her name was in the hat to join ESPN's top team. She said she didn't remember the date, but that she just saw on X (formerly Twitter) that after Van Gundy was let go, Rivers and other ESPN colleagues Richard Jefferson and JJ Redick were considered candidates. "But my agent let me know that I, too, was in the mix," Burke said. She then met with Dave Roberts, ESPN's head of events and studio production and recalled very assuring sentiments from the executive. "I also remember the last line was, 'We believe you've earned this,'" Burke said. "That was a satisfying thing to hear." Burke has been with ESPN covering basketball since 1991 and revered in the space for being a trailblazer for women. She was even awarded the Curt Gowdy Media Award by the Naismith Memorial Hall of Fame in 2018.Related: ESPN exec gives honest thoughts about recent layoffs, other major sports moves But Burke's ascension to her new role came at the expense of Van Gundy, who is her friend. When asked by Deistch whether Van Gundy had spoken to her about her new role, Burke dodged the question, instead talking about how much he had supported her during other parts of her career. "When the NBA Finals sideline reporting job ... the first person to call me was Jeff Van Gundy," Burke said. "I know for a fact he pushed back at times at people who maybe had some things to say about me being an analyst on the NBA. So I'm always indebted." Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
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*How to Clean a Humidifier Using Only Vinegar*

Vinegar is your best friend when it comes to cleaning this. READ MORE...
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*Popular retailer moves from bankruptcy to likely liquidation*

When interest rates are low and money is cheap, Chapter 11 bankruptcy can be a lifeline for struggling businesses. In many cases, the company understands its problems and sees a path toward profitability but can't pay its bills or fund needed changes from existing cash flow. A Chapter 11 filing allows a company to negotiate with its vendors. That could lead to some debt being forgiven, longer payoff periods, or even the debtor taking an ownership stake in the company.Related: Forget Bud Light, popular beer brand files for bankruptcy The entire process, however, hinges on a company being able to find the cash needed to operate. That was never easy. A lender needs to look at the struggling company's books and truly believe that if it loans it the money, it stands a good chance at seeing that capital returned. A number of major names have recently gone from Chapter 11 bankruptcy to liquidation because they could not find the needed funds. Bed Bath & Beyond, Tuesday Morning, and Christmas Tree Shops all had debt that grew during the covid pandemic. In theory, without that once-in-a-lifetime (hopefully) scenario, all three companies would still exist. Unfortunately, with money being more expensive due to rising interest rates, none of the three brands could find a cash lifeline or a buyer looking to take over their operations. Now, it appears the same thing will happen to Z Gallerie, a struggling furniture retailer that has survived bankruptcy twice previously. A liquidation sale is usually the final step if a company cannot make a deal to emerge from Chapter 11. Image source: TheStreet Z Gallerie faces Chapter 7 bankruptcy The parent company of Z Gallerie, an upscale furniture and home decor retailer filed for Chapter 11 bankruptcy on Oct. 16. "DirectBuy Home Improvement, an affiliate of parent CSC Generation Holdings, on Oct. 16 filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey, claiming a lasting impact from the Covid-19 pandemic on the retail industry and supply chain and import cost increases in late 2021 and into 2022 severely impacted its brand profitability and cash position," TheStreet's Kirk O'Neil reported. The chain, according to court documents, was hoping to find a buyer, but that now appears unlikely. Interim CEO Robert Fetterman has cited a slowdown in home sales due to rising mortgage rates as well as supply chain woes as being the reason for Z Gallerie's struggles. Now, just a week after the Chapter 11 filing, the company "is still searching for a buyer, but is preparing to liquidate in case none materializes, according to the CEO, Retail Dive reported. Z Gallerie had previously filed for bankruptcy in 2009 and 2019. The company does not define itself as a traditional furniture store. "We're a gallery of modern glamour. An unforgettable destination of unique and fun home furnishings and decor," it shared on its website. Furniture retailers have struggled Wayfair (W) - Get Free Report, an online furniture retailer has struggled since the world opened up after covid lockdowns. CEO Niraj Shah addressed the company's turnaround efforts during its second-quarter earnings call. "Last year, we laid out a plan to strengthen our business that included a path to sustainable and growing profitability with several key milestones. For the past few quarters, you've seen us execute against that plan to lower our costs, focus on the basics, and earn more customer and supplier loyalty," he shared. Shah spoke glowingly of the plan's impact, but revenue did drop by 3% in the quarter. The company, however, has cut about $1 billion in annual expenses. The company did cut its loss from $378 million in the year-ago quarter to $46 million. In the past few months, furniture maker and retailer Mitchell Gold + Bob Williams quickly moved from Chapter 11 to liquidation as did furniture maker Noble House.
[Read more...](https://www.thestreet.com/retailers/popular-retailer-moves-from-bankruptcy-to-likely-liquidation)

Popular retailer moves from bankruptcy to likely liquidation

When interest rates are low and money is cheap, Chapter 11 bankruptcy can be a lifeline for struggling businesses. In many cases, the company understands its problems and sees a path toward profitability but can't pay its bills or fund needed changes from existing cash flow. A Chapter 11 filing allows a company to negotiate with its vendors. That could lead to some debt being forgiven, longer payoff periods, or even the debtor taking an ownership stake in the company.Related: Forget Bud Light, popular beer brand files for bankruptcy The entire process, however, hinges on a company being able to find the cash needed to operate. That was never easy. A lender needs to look at the struggling company's books and truly believe that if it loans it the money, it stands a good chance at seeing that capital returned. A number of major names have recently gone from Chapter 11 bankruptcy to liquidation because they could not find the needed funds. Bed Bath & Beyond, Tuesday Morning, and Christmas Tree Shops all had debt that grew during the covid pandemic. In theory, without that once-in-a-lifetime (hopefully) scenario, all three companies would still exist. Unfortunately, with money being more expensive due to rising interest rates, none of the three brands could find a cash lifeline or a buyer looking to take over their operations. Now, it appears the same thing will happen to Z Gallerie, a struggling furniture retailer that has survived bankruptcy twice previously. A liquidation sale is usually the final step if a company cannot make a deal to emerge from Chapter 11. Image source: TheStreet Z Gallerie faces Chapter 7 bankruptcy The parent company of Z Gallerie, an upscale furniture and home decor retailer filed for Chapter 11 bankruptcy on Oct. 16. "DirectBuy Home Improvement, an affiliate of parent CSC Generation Holdings, on Oct. 16 filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey, claiming a lasting impact from the Covid-19 pandemic on the retail industry and supply chain and import cost increases in late 2021 and into 2022 severely impacted its brand profitability and cash position," TheStreet's Kirk O'Neil reported. The chain, according to court documents, was hoping to find a buyer, but that now appears unlikely. Interim CEO Robert Fetterman has cited a slowdown in home sales due to rising mortgage rates as well as supply chain woes as being the reason for Z Gallerie's struggles. Now, just a week after the Chapter 11 filing, the company "is still searching for a buyer, but is preparing to liquidate in case none materializes, according to the CEO, Retail Dive reported. Z Gallerie had previously filed for bankruptcy in 2009 and 2019. The company does not define itself as a traditional furniture store. "We're a gallery of modern glamour. An unforgettable destination of unique and fun home furnishings and decor," it shared on its website. Furniture retailers have struggled Wayfair (W) - Get Free Report, an online furniture retailer has struggled since the world opened up after covid lockdowns. CEO Niraj Shah addressed the company's turnaround efforts during its second-quarter earnings call. "Last year, we laid out a plan to strengthen our business that included a path to sustainable and growing profitability with several key milestones. For the past few quarters, you've seen us execute against that plan to lower our costs, focus on the basics, and earn more customer and supplier loyalty," he shared. Shah spoke glowingly of the plan's impact, but revenue did drop by 3% in the quarter. The company, however, has cut about $1 billion in annual expenses. The company did cut its loss from $378 million in the year-ago quarter to $46 million. In the past few months, furniture maker and retailer Mitchell Gold + Bob Williams quickly moved from Chapter 11 to liquidation as did furniture maker Noble House.
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