A numerical code used in many electronic financial transactions. Personal identification numbers (PINs) are usually used in conjunction with usernames or other passwords. They are also usually required when using bank debit or credit cards, and most banks or financial institutions issue PINs separately from the cards through the mail. |||PINs usually contain four digits. Not all electronic transactions use this number, but cash withdrawals from ATMs invariably require this code. PINs should be known only to the users and never disclosed to anyone else.
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.Also referred to as "consumption." |||Similar to the Consumer Price Index (CPI), PCE is a report (actually a part of the personal income report) put out by the Bureau of Economic Analysis of the Department of Commerce. There are two broad indexes of consumer prices in the United States: the CPI and the Chain Price Index for Personal Consumption Expenditures (PCEPI). They are similar in many respects, but there are some important differences that can lead to large gaps between CPI and PCEPI inflation rates. The PCEPI uses a chain index, which takes consumers' changing consumption due to prices into account; the CPI uses a fixed basket of goods with weightings that do not change over time.The PCE is a fairly predictable report that has little impact on the markets.
Established in 1974 by the Wyoming Legislature, the Permanent Wyoming Mineral Trust Fund (PWMTF) is that state's oldest and largest permanent fund, with assets of $4.2 billion as of June 30, 2009. It is funded by a portion of severance taxes on mineral revenues and occasional direct legislative appropriations, while income from the fund goes to the state general fund. The fund covers part of the costs of running the state, and also acts like an endowment for the state by conserving its wealth for future generations. |||Wyoming is richly endowed with natural resources, making its economy dependent on resource prices and hence prone to boom and bust cycles. The PWMTF cushions the impact of these economic cycles, while ensuring future generations share in the wealth generated by these finite resources.
A horizontal histogram plotted on the chart of a security, which corresponds to the volume of shares traded at a specific price level. Price by volume histograms are found on the Y-axis and are used by technical traders to predict areas of support and resistance. |||Large price by volume bars are used to illustrate high buying and selling interest, and they are often regarded as a sign that the given price level will act as a strong area of support or resistance. It is common to see the price of an asset face little resistance when traveling between levels that have small PBV bars, but pushing the price past areas with large PBV bars is substantially more difficult.
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. |||Keep track of your payments on the principal of the mortgage. When you reach 80% equity, notify the lender that it is time to discontinue the PMI premiums. To make it easier, lenders are now required to tell the buyer at closing how many years and months it will take for them to pay 20% of the principal to cancel PMI. However, U.S. law does allow lenders to continue requiring PMI all the way down to 50% equity for so-called high-risk borrowers. Traditionally, loans considered high risk include reduced documentation loans, in which customers provide less proof of income and other information during the approval process. Loans for people with poor credit histories and higher debt-to-income ratios also fall into this category.
A private investment firm's, mutual fund's or other qualified investors' purchase of stock in a company at a discount to the current market value per share for the purpose of raising capital. There are two main types of PIPEs - traditional and structured. A traditional PIPE is one in which stock, either common or preferred, is issued at a set price to raise capital for the issuer. A structured PIPE, on the other hand, issues convertible debt (common or preferred shares). |||This financing technique is popular due to the relative efficiency in time and cost of PIPEs, compared to more traditional forms of financing such as secondary offerings. In a PIPE offering there are less regulatory issues with the SEC and there is also no need for an expensive roadshow, lowering both the costs and time it takes to receive capital. PIPEs are great for small- to medium-sized public companies, which have a hard time accessing more traditional forms of equity financing.
A single corporation created by the U.S. Treasury and the Export-import Bank of the U.S. that facilitates funding of exports that have not been subsidized. The PEFCO does this with the purchase of loans in the secondary market from commercial lenders. The loans are then used to finance U.S. exports. |||The PEFCO was created to help American-made goods find their way into other countries. PEFCO loans are guaranteed by the Export-import Bank of the United States. Some of the shareholders in PEFCO include large commercial banks that participate in financing U.S. exports, as well as industrial export companies.
An institution created by the Federal Reserve to provide overnight loans to primary dealers through their clearing banks in exchange for eligible collateral. The Primary Dealer Credit Facility (PDCF) provides loans that settle the same business day and mature the following business day. As of February 3, 2009, the PDCF will remain in operation until October 30, 2009. |||The Primary Dealer Credit Facility was established in order to encourage financial markets to function more effectively. Primary dealers borrow overnight loans from the PDCF through their clearing banks at the primary credit rate offered by the Federal Reserve Bank of New York. A frequency-based fee is assigned to primary dealers who borrow from the PDCF on more than 45 business days.
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