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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
 
Par
"A term that refers to a bond, preferred stock or other debt obligation that is trading at its face value. The term "at par" is most commonly used with bonds. A bond that trades at par will have a yield equal to its coupon, and investors will expect a return equal to the coupon for the risk of lending to the bond issuer. Bonds are quoted at 100 when trading at par."

Patrick T. Harker
Patrick T. Harker took office on July 1, 2015, as the 11th President & CEO of the Federal Reserve Bank of Philadelphia (following Charles Plosser). Before taking office, Harker served as the 26th President of the University of Delaware. In 2012, Harker was named a fellow of the Institute for Operations Research and the Management Sciences (INFORMS) and a charter fellow of the National Academy of Inventors. He was also named a White House fellow by President George H. W. Bush in 1991 and served as a special assistant to FBI Director William S. Sessions from 1991 to 1992.

Payback
Returning borrowed funds.

PCE Core
The "core" PCE price index is defined as personal consumption expenditures (PCE) prices excluding food and energy.

PCE Deflator
'Personal Consumption Expenditures - PCE' A measure of price changes in consumer goods and services. Personal consumption expenditures consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, non-durables and services. It is essentially a measure of goods and services targeted toward individuals and consumed by individuals. The PCE price index (PCEPI), also referred to as the PCE deflator, PCE price deflator, or the Implicit Price Deflator for Personal Consumption Expenditures (IPD for PCE) Also referred to as "consumption"

Pending Home Sales
The Pending Home Sales released by the National Association of Realtors is a leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

People's Bank of China
The People's Bank of China (PBC or PBOC) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China. The People's Bank of China has the most financial assets of any single public finance institution ever.

Personal consumption
A measure of price changes in consumer goods and services. Personal consumption expenditures (PCE) consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, non-durables and services. It is essentially a measure of goods and services targeted toward individuals and consumed by individuals.

Personal Income
Total compensation received by an individual. Personal income includes compensation from a number of sources - salaries, wages and bonuses received from employment or self-employment; dividends and distributions received from investments; rental receipts from real estate investments; profit-sharing from a business and so on. In most jurisdictions, personal income above a certain exemption threshold is subject to taxation. Personal income is generally computed on a pre-tax basis.

Personal Spending
Expenses that are considered mostly of a personal nature. Things such as dining out, personal shopping, and other non-essential expenses would typically fit into this category of spending. Individuals seeking to save money will often start with cutting certain personal spending habits in order to reduce unnecessary expenses, and to save money for more crucial expenses.

Philadelphia Fed Business Outlook Index
This is a monthly survey of manufacturers in the Third Federal Reserve District, Philadelphia. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received.

PMI
A policy provided by private mortgage insurers to protect lenders against loss if a borrower defaults. Most lenders require PMI for loans with loan-to-value (LTV) percentages in excess of 80%. This allows the borrower to make a smaller down payment of as low as 3%, instead of about 20%, and usually requires an initial premium payment and possibly an additional monthly fee depending on the loan's structure.

Points
A 1% change in the face value of a bond or a debenture. In futures contracts, a price change of one one-hundredth, or 1% of one cent. In real estate mortgages, the initial fee charged by the lender, with each point being equal to 1% of the amount of the loan. It can also refer to each percentage difference between a mortgage's interest rate and the prime interest rate.

PPI
Producer Price Index - PPI : A family of indexes that measures the average change in selling prices received by domestic producers of goods and services over time. PPIs measure price change from the perspective of the seller.

Prop-up
To hold up in price.

 
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