Proscribe
pro-SKRYB
1. To forbid something, especially by law.
2. To denounce, condemn, or exile someone.
From Latin proscribere (to publish in writing, to name
someone as outlawed), from pro- (front) + scribere (write).
Proscribe has a meaning essentially the opposite of that
of prescribe.
Prescribe is generally the more common of the two words,
and anyone who uses the formal verb proscribe in their regular discourse is
usually keen to the distinction. Keeping them separate, therefore, is often
more difficult for the reader or listener (especially since they sound alike
when spoken quickly). Context will usually tell you if an action is being
ordered (prescribed) or prohibited (proscribed).
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TIP OF THE WEEK
The phrase supply chain has been proscribed.
Lake Superior State University released its 2022 banished
words list as a result of misuse, overuse, and uselessness. Included on that list was supply chain. Supply chain issues have become the scapegoat
of everything. The adverse result:
overuse ad nauseam.
Trucks move roughly 72.5% of the nation's freight by weight. The truck tonnage index is an index that
measures the gross tonnage of freight which is transported by motor carriers in
the United States for a given month. The
Federal Reserve Bank of St. Louis maintains a chart of the truck tonnage index
on their website. In March 2018, the
truck tonnage index read at 112.5. A year later the index reached 116.7. It
continued to rise until August 2019 before dipping in 2020. In April 2020 it
had dropped to 106.9. The US Truck
Tonnage Index is at a current level of 113.40.
This is a change of 1.98% from one year ago.
The trucking industry is one of the most fragmented ones
in the U.S. There are almost 4 million
class 8 trucks in operation. According
to the U.S. Department of Transportation, as of February 2021, the number of
for-hire carriers on file with the Federal Motor Carrier Safety Administration
totaled 996,894. 97.4% operate fewer
than 20 trucks.
Truckers are well suited for SBA financial
assistance. Loan proceeds can be used
for truck and trailer purchases, or for the refinance of existing debt. A SBA loan can typically provide an
amortization up to the useful life of the asset. Working capital can also be provided as well
as real estate financing for warehouse and storage facilities.
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Indices:
PRIME RATE= 3.25%
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SBA 504 Loan Debenture Rate for January
For 20 year debentures, the debenture rate is only 1.84%
but note rate is 1.87% and the effective yield is 3.07%.
For 25 year debentures, the debenture rate is only 2.04%
but note rate is 2.068% and the effective yield is 3.216%.
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AHEAD OF THE YIELD CURVE
The Federal Reserve continues to promulgate that
"Supply and demand imbalances related to the pandemic and the reopening of
the economy have continued to contribute to elevated levels of inflation".
At least they did not use the phrase supply chain.
This statement from their last meeting on monetary policy
left out the "some sectors" mentioned last time. The Fed Open Market
Committee is acknowledging that inflation is more broad-based.
They mentioned that “Job gains have been solid in recent
months”.
For all of 2021, the economy added a record 6.4 million
jobs. So far, the U.S. has recouped 18.8
million, or 84%, of the 22.4 million jobs lost early in the pandemic, leaving
it 3.6 million jobs shy of its pre-crisis level.
Here are the latest jobs numbers from the Bureau of Labor
Statistics.
December 199,000
November 249,000
October 648,000
September 312,000
August 483,000
July 1,053,000
June 962,000
May 614,000
April 269,000
March 916,000
February 468,000
January 233,000
2020 -9,370,000
2019 2,108,000
2018 2,679,000
2017 2,110,000
2016 2,160,000
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.
Keep your eyes and ears open for this week’s auction of
the 30 year Treasury bond.
At last month’s auction of 30 year treasury bonds the
high yield was awarded at 1.895 percent,
down 4.5 basis points from last month's auction rate and the lowest
awarded since January.
Since then the 30 year treasury bond yield has increased
to 2.109%.
Eurodollar futures settle at a three- month lending rate
that has averaged about 22 basis points more than the Fed's target over the
past 10 years. The December 2022
implied rate is now at 1.18%, up from only 0.17% in October.
The Federal Reserve’s next meeting on monetary policy is
January 25 and 26.
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OFF BASE
The Federal Reserve has proscribed banks from being open
on the following days:
Birthday of Martin Luther King, Jr. January 17
Washington's Birthday February 21
Memorial Day May 30
Juneteenth
June 19
Independence Day July 4
Labor Day September 5
Columbus Day October 10
Veterans Day November 11
Thanksgiving Day November 24
Christmas Day December 25
