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Glossary

 
A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z
 
Factory Orders
The Factory orders released by the US Census Bureau is a measure of the total orders of durable and non durable goods such as shipments (sales), inventories and orders at the manufacturing level which can offer insight into inflation and growth in the manufacturing sector. Normally, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

Fast Money Buying
Short term investors taking long positions, ex: hedge funds.

Fed Funds
Excess reserves that commercial banks deposit at regional Federal Reserve banks. Federal funds can then be lent to other commercial banks with insufficient reserves. These loans are made at a relatively low interest rate, called the federal funds rate or overnight rate, and they typically have an extremely short duration: overnight. Federal funds help commercial banks meet their daily reserve requirements. Banks are required to maintain a certain level of reserves based on the amount of customer deposits they are responsible for.

FHFA Home Price Index
Released quarterly by the Federal Housing Finance agency. The index Measures the change in home prices nationally and includes both purchases and refinances in the calculation.

Fiscal
Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates and government spending, in an effort to control the economy.

Fiscal Cliff (The Cliff, Cliff)
A combination of expiring tax cuts and across-the-board government spending cuts scheduled to become effective Dec. 31, 2012. The idea behind the fiscal cliff was that if the federal government allowed these two events to proceed as planned, they would have a detrimental effect on an already shaky economy, perhaps sending it back into an official recession as it cut household incomes, increased unemployment rates and undermined consumer and investor confidence. At the same time, it was predicted that going over the fiscal cliff would significantly reduce the federal budget deficit.

Fixed Income
A type of investing or budgeting style for which real return rates or periodic income is received at regular intervals at reasonably predictable levels. Fixed-income budgeters and investors are often one and the same - typically retired individuals who rely on their investments to provide a regular, stable income stream. This demographic tends to invest heavily in fixed-income investments because of the reliable returns they offer.

Fixed Income Market
The universe of interest rate products, most specifically the U.S. rates curve.

Flattening trades
A yield-rate environment in which short-term interest rates are increasing at a faster rate than long-term interest rates. This causes the yield curve to flatten as short-term and long-term rates start to converge.

FN
Shorthand for Fannie Mae, this is usually followed by a number and designates the coupon of the trading instrument. For example FN 3% is a Fannie Mae 3% coupon MBS.

FOMC
Federal Open Market Committee - The branch of the Federal Reserve Board that determines the direction of monetary policy. The FOMC is composed of the board of governors, which has seven members, and five reserve bank presidents. The president of the Federal Reserve Bank of New York serves continuously, while the presidents of the other reserve banks rotate their service of one-year terms.

Foreclosure
Foreclosure is when the lender takes back property when the homeowner fails to make payments on a mortgage.

Foreign National Buyer
A foreign national is an individual who is not a resident of the United States.

French
Refers to the country of France.

 
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