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State Board of Finance hears higher Q2 earnings, approves dealer additions and new book-return target
Summary
Treasurer Milligan reported fiscal 2022 Q2 book return of 0.839% and half-year earnings of $27.5 million. The board approved a higher target book-return range for Jan'Mar 2022, added two broker-dealers and approved routine cash-management motions.
Treasurer Milligan told the State Board of Finance on Feb. 8 that the treasury's second-quarter book return for fiscal 2022 was 0.839% and that the office recorded roughly $27,500,000 in earnings through the first half of the fiscal year. "Our actual book return for the quarter was 0.839%, exceeding the established target," Milligan said, adding the long-term portfolio produced most of the gains.
Milligan said 10-year Treasury rates rose toward pre-pandemic levels, inflation was elevated and Omicron emerged during the quarter, but state revenue inflows and reinvestment of principal from…
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