BAUER
National Fuel Reports Preliminary Voting Results from the Annual Meeting of Stockholders
WILLIAMSVILLE, N.Y., March 11, 2024 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE: NFG) (the “Company”) announced today the preliminary results of the stockholder vote on four management proposals as presented during the Annual Meeting of Stockholders, which was held March 8, 2024.
- WILLIAMSVILLE, N.Y., March 11, 2024 (GLOBE NEWSWIRE) -- National Fuel Gas Company (NYSE: NFG) (the “Company”) announced today the preliminary results of the stockholder vote on four management proposals as presented during the Annual Meeting of Stockholders, which was held March 8, 2024.
- All were approved, including the election of David H. Anderson, David P. Bauer, Barbara M. Bauman, David C. Carroll, Steven C. Finch, Joseph N. Jaggers, Rebecca Ranich, Jeffrey W. Shaw, Thomas E. Skains, David F. Smith and Ronald J. Tanski as directors for one-year terms expiring in 2025; the advisory vote on named executive officer compensation; the amended and restated equity compensation plan; and the ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm.
- National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas assets across four business segments: Exploration & Production, Pipeline & Storage, Gathering, and Utility.
- Additional information about National Fuel is available at www.nationalfuel.com .
Measuring market-based core inflation expectations
Abstract
- Abstract
We build a novel term structure model for pricing synthetic euro area core inflation-linked
swaps, a hypothetical swap contract indexed to core inflation. - The model provides estimates of market-based expectations for core inflation, as
well as core inflation risk premia, at daily frequency, whereas core inflation expectations from
surveys or macroeconomic projections are typically only available monthly or quarterly. - We
find that core inflation-linked swap rates are generally less volatile than headline inflationlinked swap rates and that market participants expected core inflation to be substantially
more persistent than headline inflation following the 2022 energy price spike. - In this paper, we aim to infer market-based core inflation expectations, which are otherwise
not directly observable because no financial asset directly tied to core inflation exists. - We deem this second assumption reasonable because HICP inflation itself is a linear combination
of core as well as energy and food inflation. - The level of 2 percent and relatively low volatility of
long-term inflation expectations suggests that inflation expectations are firmly anchored at the
ECB?s 2 percent inflation target. - This assumption appears reasonably uncontroversial,
as core inflation is a sub-component of headline inflation, which the observable headline ILS
rates are tied to. - Our estimates of core ILS rates reflect both market participants? genuine core
inflation expectations and a core inflation risk premium, but our model explicitly allows for
this decomposition. - The model-implied estimates of core ILS rates appear reasonable along several dimensions:
(i) like realized core inflation is less volatile than headline inflation, the core ILS rates are less
volatile than headline ILS rates, (ii) core ILS rates comove less with oil prices than headline
ILS rates, (iii) the core inflation expectations, as reflected in core ILS rates, typically evolve
similarly as the core inflation projections by Eurosystem staff, and (iv) consistent with market
commentary at the time, core ILS rates suggest that market participants expected core inflation
to be substantially more persistent than headline inflation following the 2022 energy price spike. - To the best of our knowledge, we are the first to price core ILS rates and decompose them into
market-based expectations for and risks around the core inflation outlook. - Our approach to inferring core ILS
rates from headline ILS rates, realized headline and core inflation as well as survey expectations
for headline and core inflation is also related to Ang et al. - Relative
to their study, we separately measure core inflation expectations and risk premia, we provide
core inflation expectations at a higher-frequency, and we provide evidence on the causal effectsECB Working Paper Series No 2908
6
of monetary policy shocks on core inflation expectations and risk premia.
- Specifically, we decompose the synthetic core ILS rates
into average expected core inflation over the lifetime of the swap contract and a core inflation
risk premium that compensates investors for core inflation risk. - In
our model below, this term is constant over time and relatively small, so we will simply refer
to the core inflation risk premium as the difference between the core ILS rate and the average
expected core inflation over the lifetime of the swap contract. - 3.2
Core ILS rates
To have a joint model for headline and core ILS rates, we need one further assumption on the
dynamics of realized core inflation. - The assumption that core inflation is driven by the same set of factors as headline inflation
should be relatively uncontroversial: since headline inflation is a weighted average of core and
food and energy inflation, it should reflect any factors driving core inflation. - If there are factors
driving food and energy inflation, which do not show up in core inflation, then those factors
should still show up in headline inflation. - In step two, to be able to infer the factor
loadings of core inflation, we would regress realized core inflation onto the estimated latent
factors to identify the additional parameters in equation (12). - Before the fourth
quarter of 2016, the SPF did not ask respondents for their core inflation expectations, so we
are not able to use survey-based information about core inflation before then. - Before
2016, the fitted core inflation series is somewhat above the realized one, potentially reflecting
that the model has limited information about core inflation over this early period due to the
lack of information about core inflation from surveys. - This could have been the
case if one of the factors moved core inflation and energy and food inflation in exactly offsetting
direction, so the overall impact on headline inflation was exactly zero. - During 2021, for example, there were
ECB Working Paper Series No 2908
25
Figure 7: Decomposition of synthetic core ILS rates
2y core ILS5y core ILS
5
45
ILSpremia
exp
4
ILS
premia
exp
3
3
2
2
1
1
0
0
-1
-1
-2
2017 2018 2019 2020 2021 2022 2023-2
2017 2018 2019 2020 2021 2022 202310y core ILS
5y5y core ILS
5
45
ILSpremia
exp
4
ILS
premia
exp
3
3
2
2
1
1
0
0
-1
-1
-2
2017 2018 2019 2020 2021 2022 2023-2
2017 2018 2019 2020 2021 2022 2023Note: Synthetic core ILS rates decomposed into genuine core inflation expectations and core inflation risk
premia. - ECB Working Paper Series No 2908
26
Figure 8: Decomposition of ILS rates
2y ILS5y ILS
5
45
ILSpremia
exp
4
3
3
2
2
1
1
0
0
-1
-1
-2
20062010
2014
2018
2022
-2
2006ILS
2010
10y ILS
2018
2022
5
ILSpremia
exp
4
3
3
2
2
1
1
0
0
-1
-1
-2
20062014
exp
5y5y ILS
5
4premia
2010
2014
2018
2022
-2
2006ILS
2010
premia
2014
2018
exp
2022
Note: ILS rates decomposed into genuine core inflation expectations and core inflation risk premia.
- We find that the headline inflation risk premium
indeed does responds more strongly than the core inflation risk premium. - The key
assumption underlying our approach is that traded headline ILS rates span core inflation, whichECB Working Paper Series No 2908
35
should be reasonably uncontroversial as core inflation is a sub-component of headline inflation.
- We fit the model to euro area headline ILS rates, realized headline and core inflation, and
both headline and core inflation expectations reported in the SPF. - Decomposing our core ILS rates into genuine core inflation expectations and core
inflation risk premia shows that shorter maturities mainly reflect core inflation expectations,
while the core inflation risk premium matters relatively more for longer maturities. - Our results suggest that a monetary policy tightening surprise significantly lowers
near-term core inflation expectations, although less so than it lowers headline inflation expectations.
Jencap Announces Strategic Leadership Appointments for Construction Wrap Up Practice
NEW YORK, Feb. 7, 2024 /PRNewswire-PRWeb/ -- Jencap Group (Jencap) is excited to announce the appointments of Kris Bauer and Mike Yovino as leaders of the company's Wrap Up Construction Practice. This specialized practice group is one of many strategic centers of excellence that exist at Jencap for various industries and product lines.
- Jencap Group (Jencap) is excited to announce the appointments of Kris Bauer and Mike Yovino as leaders of the company's Wrap Up Construction Practice.
- NEW YORK, Feb. 7, 2024 /PRNewswire-PRWeb/ -- Jencap Group (Jencap) is excited to announce the appointments of Kris Bauer and Mike Yovino as leaders of the company's Wrap Up Construction Practice.
- This specialized practice group is one of many strategic centers of excellence that exist at Jencap for various industries and product lines.
- Their commitment to excellence aligns with Jencap's core values, ensuring that the Wrap Up Construction Practice continues to deliver top-notch services and solutions to our retailers.
GOBankingRates Announces the Best Online Banks of 2024
LOS ANGELES, Jan. 30, 2024 /PRNewswire/ -- In an increasingly digital world, online banking has risen in popularity. To help Americans navigate the available offerings, GOBankingRanks is recognizing the standouts in the category with the announcement of its Best Online Banks of 2024 winners.
- LOS ANGELES, Jan. 30, 2024 /PRNewswire/ -- In an increasingly digital world, online banking has risen in popularity.
- To help Americans navigate the available offerings, GOBankingRanks is recognizing the standouts in the category with the announcement of its Best Online Banks of 2024 winners.
- To find the best online banks, GOBankingRates analyzed exclusively online banks with over $1 billion in total assets.
- Institutions were ranked based on their total assets, monthly checking fees, savings APY, 1-year CD APY, Bauer rating, products and services offered, and average mobile app rating.
Largest Honey Donation – Ever
“It’s the most honey we have ever donated, and we believe it’s also the largest honey donation ever made by a U.S. honey co-op,” said Mark Mammen, President Emeritus at Sioux Honey.
- “It’s the most honey we have ever donated, and we believe it’s also the largest honey donation ever made by a U.S. honey co-op,” said Mark Mammen, President Emeritus at Sioux Honey.
- “To visualize that much honey, consider this: If you stacked all 30,000 honey bears, head-to-toe, they would be taller than the peak of Mount Kilimanjaro,” Mammen added.
- Many of Sioux Honey’s 150+ co-op of beekeepers live with their families in and around the communities where the honey bears are being donated.
- But the honey donated to the five community food banks will be eaten much faster than that, as condiments like honey are prized commodities at food banks.
GOBankingRates Recognizes the Best National Banks of 2024
LOS ANGELES, Jan. 26, 2024 /PRNewswire/ -- Americans have no shortage of financial institutions to choose from when it comes to their banking needs. To help readers make the most informed choices possible, GOBankingRates is spotlighting the national institutions that stand out from the pack.
- LOS ANGELES, Jan. 26, 2024 /PRNewswire/ -- Americans have no shortage of financial institutions to choose from when it comes to their banking needs.
- To help readers make the most informed choices possible, GOBankingRates is spotlighting the national institutions that stand out from the pack.
- The winners in this year's Best National Banks category offer an array of industry-leading products and services to help Americans make the most of their money.
- To find the best national banks, GOBankingRates analyzed the top national institutions with branches in 25 or more states and/or over $400 billion in total assets.
Heartland Dental Names Tamra Kempf as General Counsel
EFFINGHAM, Ill., Jan. 23, 2024 /PRNewswire/ -- Heartland Dental, the nation's leading dental support organization (DSO), is pleased to announce the immediate appointment of Tamra Kempf as Senior Vice President and permanent General Counsel.
- EFFINGHAM, Ill., Jan. 23, 2024 /PRNewswire/ -- Heartland Dental, the nation's leading dental support organization (DSO), is pleased to announce the immediate appointment of Tamra Kempf as Senior Vice President and permanent General Counsel.
- Tamra Kempf has been an integral leader within Heartland Dental's Legal team since joining as Senior Corporate Counsel in 2016.
- In her new role as Senior Vice President, General Counsel, Kempf will join the Heartland Dental Senior Leadership Team, leading the Legal, Compliance, and Government Affairs teams.
- Before joining Heartland Dental, she served as Chief Legal Counsel and Associate General Counsel at the American Dental Association.
GOBankingRates Announces the Winners for Best Regional Banks of 2024
LOS ANGELES, Jan. 22, 2024 /PRNewswire/ -- As part of its 2024 Best Banks awards, GOBankingRates is pleased to announce even more personalized options for our readers. Instead of selecting overall winners in the Best Regional Banks category, GOBankingRates is now recognizing the best banks in five separate regions to better cater to our growing audience's needs.
- For the first time ever, GOBankingRates is recognizing winners in five separate regional categories.
- LOS ANGELES, Jan. 22, 2024 /PRNewswire/ -- As part of its 2024 Best Banks awards, GOBankingRates is pleased to announce even more personalized options for our readers.
- Instead of selecting overall winners in the Best Regional Banks category, GOBankingRates is now recognizing the best banks in five separate regions to better cater to our growing audience's needs.
- To find the best regional banks, GOBankingRates analyzed the top regional institutions (excluding online banks and neobanks) located in under 25 states.
Traditions Bancorp Announces Fourth Quarter 2023 Cash Dividend
YORK, Pa., Jan. 18, 2024 /PRNewswire/ -- On January 18, 2024, the Board of Directors of Traditions Bancorp (OTC Pink: TRBK), parent company of Traditions Bank, declared a quarterly cash dividend of eight cents per common share.
- YORK, Pa., Jan. 18, 2024 /PRNewswire/ -- On January 18, 2024, the Board of Directors of Traditions Bancorp (OTC Pink: TRBK), parent company of Traditions Bank, declared a quarterly cash dividend of eight cents per common share.
- The dividend will be paid on February 12, 2024, to shareholders of record at the close of business on February 2, 2024.
- With assets of $850 million as of September 30, 2023, and 150 associates, Traditions Bank provides depository and borrowing services to businesses and individuals located in south-central Pennsylvania.
- To learn more about Traditions Bancorp, visit www.traditionsbancorp.com .