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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
 
Labor Department
A U.S government cabinet body responsible for standards in occupational safety, wages and number of hours worked, unemployment insurance benefits, re-employment services and a portion of the country's economic statistics. Created in 1913.

Labor Force Participation Rate
The Labor Force Participation Rate, released by the Bureau of Labor Statistics, it represents the percentage of the population that is either employed or unemployed (that is, either working or actively seeking work). People not included in the participation rate include those who do not want to work or can't work. This includes people such as students, homemakers, incarcerated people and retirees.

Lael Brainard
Lael Brainard took office as a member of the Board of Governors of the Federal Reserve System on June 16, 2014, to fill an unexpired term ending January 31, 2026. Prior to her appointment to the Board, Dr. Brainard served as Undersecretary of the U.S. Department of Treasury from 2010 to 2013 and Counselor to the Secretary of the Treasury in 2009.

Latter Half
The period of six months from 1st July to 31st December.

Leading Indicators
A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate.

Liquidity
The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. Assets that can be easily bought or sold are known as liquid assets.

London
The primary stock exchange in the U.K. and the largest in Europe. Originated in 1773, the regional exchanges were merged in 1973 to form the Stock Exchange of Great Britain and Ireland, later renamed the London Stock Exchange (LSE). The Financial Times Stock Exchange (FTSE) 100 Share Index, or "Footsie", is the dominant index, containing 100 of the top blue chips on the LSE.

Long-End
The portion of the yield curve from the 10 year point and beyond. This is the part of the curve most responsible for benchmark interest rates affecting mortgage rates for example.

Loretta J. Mester
Loretta J. Mester assumer her role as President & CEO of the Federal Reserve Bank of Cleveland in June 2014. Previously, Mester had been EVP & director of research at the Federal Reserve Bank of Philadelphia, where she was the chief policy advisor, attended meetings of the Federal Open Market Committee, and oversaw the economists and analysts in the Research Department, as well as professionals in the Financial Statistics Department and the Payments Cards Center. She joined the Federal Reserve Bank of Philadelphia in 1985 as an economist, becoming SVP & director of research in 2000, and EVP & director of research in 2010.

Lower Coupon
The lower half of the tradable coupon stack in MBS (2.5%, 3.0%, etc).

LSAP - (Large-Scale Asset Purchase)
Also known as Quantitative Easing (QE); is monetary policy in which the central bank engages in open market transactions aimed at increasing money supply in the economy. Easing could also involve direct money creation (printing).

LTRO (long term refinancing operation)
The European Central Bank's long-term refinancing operation is a process by which the ECB provides financing to eurozone banks. The stated aim of the LTRO is to maintain a cushion of liquidity for banks holding illiquid assets, and thus prevent interbank lending and other loan origination from seizing up as they did in the credit squeeze of 2008.

 
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