Grant's Interest Rate Observer May 2nd issue is released

NEW YORK, April 30, 2014 /PRNewswire/ -- The May 2nd issue of Grant's Interest Rate Observer, a journal of the financial markets, is published and available to the public. This issue is now available for download at www.grantspub.com for all subscribers. To subscribe please visit: http://www.grantspub.com/subscribe or call John D'Alberto: (646) 312-8890.

The current issue includes the following articles:

NONE DARE CALL IT PRICE CONTROL

Because the federal funds rate has fallen and can't get up, the Fed is engineering a new master money-market interest rate. Herewith an inspection tour of the "fixed-rate, full-allotment overnight repurchase facility."  Dr. Feelgood is alive and well in Washington, D.C.

ALEX PORTER, RIP

The founding partner of Amici Capital died at his farm in Davidson, N.C. on Good Friday.

SACRIFICIAL CREDITORS

That $46 billion bid for Allergan Inc. by Valeant  Pharmaceuticals is widely decried as "hostile." Bondholders would likely agree. A word on golf-course-gate.

HURRICANE WARNINGS

Tax-exempt investors have their own special metabolism. They seem not to react to bad news until someone presents them with an old newspaper and commands them to sit down and read it. In a certain Caribbean paradise, ominous news piles up.

GARBAGE TIME

Not so long ago, Americans were drowning in refuse. It seemed there was no place left to put it. That was then.

MODEL RISK

The Federal Reserve and the Bank of Japan each meet on Wednesday. Different though the two institutions might be, they breathe the same erroneous theoretical ether.

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SOURCE Grant's Interest Rate Observer

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