Inflation, hiring increases, and other signs of economic growth compelled the Federal Reserve to signal recently that its "accommodative" monetary policy may soon end, meaning higher interest rates. The Securities Industry Association's Chief Economist Frank Fernandez cautions in the latest edition of Research Reports that "the magnitude of rate hikes required to contain nascent inflationary pressures might prove to be less than either financial markets are currently assuming or than would be indicated by policy 'guideposts' employed by the Fed." Another article reviews critical accounting disclosures in 19 U.S. and global financial institutions' 2003 annual reports and attempts to evaluate both how well the firms' disclosures adhere to the SEC's stated guidelines and the usefulness of those disclosures. The issue also includes a monthly statistical review of share volume and underwriting activity.
http://www.sia.com/research/pdf/RsrchRprtVol5-5.pdf
