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YIELD TO MATURITY: The annual rate of return on a financial asset that is held until maturity. Yield to maturity depends on both the coupon rate and the face or par value paid at maturity. If the selling price of a financial asset is equal to its par value, then the yield to maturity is equal to the current yield and the coupon rate. However, if the asset is selling at a discount, then the yield to maturity exceeds the current yield, which is greater than the coupon rate. And if the asset is selling at a premium, then the yield to maturity is less than the current yield, which is below than the coupon rate.
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EXCESS RESERVES The reserves (vault cash and Federal Reserve deposits) that banks have over and above what they are required by government to keep to back up deposits. The primary use of excess reserves, also termed free reserves, is for loans to consumers and businesses. Because reserves do not generate interest, revenue, or profit, banks are inclined to keep as few excess reserves as possible.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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APC
Average Propensity to Consume
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