Dow Jones – Banks, hedge funds and other financial institutions are “raining assets” on the markets as they reduce risk, countering the Federal Reserve’s efforts to stimulate the economy, the head of a mortgage bond investment firm said Wednesday.
Annaly Capital Management (NLY) Chief Executive Michael Farrell said the New York-based real estate investment trust has reduced its debt and amassed a $3.5 billion “war chest” to exploit falling asset prices as competitors also race to raise cash by selling assets.
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