repletion
ri-PLEE-shuhn
The condition of being completely filled or
satisfied.
Via French, from Latin replere, from re-
(back, again) + plere (to fill), from plenus (full).
_____________________________________________
TIP OF THE WEEK
TIP OF THE WEEK
SBA wants repletion with its Standard Operating Procedures, SOP
50-10-5(I) that became effective January 2, 2017.
Not included however in the new SOP just
released is even newer guidance on processing affirmative responses for “an
Associate of Poor Character”. That guidance is reflected in a recent
procedural notice that came out two weeks BEFORE tehe effective date of the new
SOP. Got that?
Guidance on SBA 504 debt refinance is also not
found in the new SOP. It is instead reflected in a policy notice from
last November allowing for the Financing of “Business Operating Expenses” up to
an 85% LTV.
Otherwise, SBA expects that the SOP should be
arrant and not frustraneous.
_____________________________________
Indices:
Indices:
PRIME RATE= 3.75%
SBA LIBOR Base Rate December 2016 =3.63%
SBA Fixed Base Rate December 2016 = 5.71%
________________________________________
SBA 504 Loan Debenture Rate for January
The
debenture rate is only 2.80% but note rate is 2.847% and the effective yield is
4.585%.
________________________________________________
AHEAD OF THE YIELD CURVE
AHEAD OF THE YIELD CURVE
The bond market felt
no repletion to start the New Year. A splentic presentiment over a
recrudescence of interest rates created a little trichotilloania.
On Thursday, the yield for the 30-year Treasury bond dropped
eight basis points down to 2.965%, its largest drop since July 5. Data
pointed to lackluster private-sector jobs growth a day ahead of the
government’s official December employment report.
When the jobs report came out, Treasury yields rose, reversing
the earlier drop, after official data showed average hourly earnings for
American workers accelerated sharply last month. Fixed-income investors
focused on hourly earnings, which accelerated more swiftly than economists’ had
anticipated. Wages increased by 0.4% last month, raising the yearly rate to
2.9%.
Rising wages are seen as a harbinger of inflation because
companies typically raise the price of their goods to offset the increase.
Here is a summary of
net payroll employment and this week’s interesting little table of data:
December
156,000
November
204,000
October
135,000
September
208,000
August
167,000
July 252,000
June 292,000
May
11,000
April
123,000
March
186,000
February
244,000
January
172,000
2015
2,740,000
2014
3,116,000
2013
2,074,000
2012
2,193,000
2011
2,103,000
2010
1,022,000
2009
-5,052,000
2008
-3,617,000
2007
1,115,000
2006
2,071,000
2005
2,484,000
2004
2,019,000
What does all this
mean?
I don’t know.
The latest payrolls
tally brought the advance for 2016 to 2.16 million, after a gain of about 2.7
million in 2015. The streak of gains above 2 million is the longest since 1999.
The 30-year T-bond
yield rose 4.3 basis points to end the day at 3.01%.
Keep your eyes and
ears open for Thursday’s auction of 30 year Treasury bonds.
The 30 year Treasury
bond is very sensitive to inflationary expectations. Last month’s auction
had the highest awarded yield of the year and was 25 basis points above the
November auction rate and nearly 1.00 percentage point above the July yearly
auction low of 2.172 percent.
__________________________________________
OFF BASE
OFF BASE
If
time off for the holidays created a sense of repletion, you can look forward to a
three day weekend.
According
to the Federal Reserve, here are our holidays for 2017:
Birthday
of Martin Luther King, Jr. January 16
Washington's
Birthday February 20
Memorial
Day May 29
Independence
Day July 4
Labor
Day September 4
Columbus
Day October 9
Veterans
Day November 11
Thanksgiving
Day November 23
Christmas
Day December 25
Happy
New Year
