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Article Title

March 26, 2012

The selloff in the Treasury market along with over optimism about a quicker recovery had clearly reversed in the latter part of the week, as the global contraction and de-leveraging again reinserted themselves. Bernanke warned that US consumption remains too low and that the US lacks a source of demand to keep growth going. Demand and consumption are leading indicators to the employment index, which do not bode well for the unemployment rate in the months ahead.

It is worth reiterating the point last week: don't fight the Fed. As fixed income players fear improving trends will spark inflation, Bernanke is warning otherwise. Throughout the last 3 years we've invariably seen Bernanke come out on top despite being at odds with bearish market participants and even members of his own committee. This week he warned that repeating the mistake after the Great Depression in the 1930's of raising interest rates too hastily aborted the recovery. For the weak, the S&P fell 1%, gold was down 0.4‰, and oil down 1.3%.

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Terri J. Mendelson
Sr. Vice President
Vining Sparks
775 Ridge Lake Blvd
Memphis, TN 38120

Phone: 800 786-0996
Fax: 901 766-6317

tmendelson@viningsparks.com

INTENDED FOR INSTITUTIONAL INVESTORS ONLY. The information included herein has been obtained from sources deemed reliable, but it is not in any way guaranteed, and it, together with any opinions expressed, is subject to change at any time. Any and all details offered in this publication are preliminary and are therefore subject to change at any time. This has been prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual or institution. This information is, by its very nature, incomplete and specifically lacks information critical to making final investment decisions. Investors should seek financial advice as to the appropriateness of investing in any securities or investment strategies mentioned or recommended. The accuracy of the financial projections is dependent on the occurrence of future events which cannot be assured; therefore, the actual results achieved during the projection period may vary from the projections. Interest rate swaps and derivatives are offered and sold via Vining Sparks Interest Rate Products, LLC. The firm may have positions, long or short, in any or all securities mentioned. Member FINRA/SIPC.

Article Title

March 16, 2012

Treasury 10-year notes extended the biggest weekly drop in eight months as a report showing the cost of living rose in February added to concern inflation may accelerate as the U.S. economy strengthens. However, fundamentals are not materially different, hiring tends to be greater in the spring, and oil prices are volatile. After May, employment may again show strain, and rates could easily recede back closer to 2.10% on the 10 year Treasury. Many global forces are at play, causing enough uncertainty to warrant a diversified approach to both duration, and structure.

Bernanke told Congress on Feb. 29 that maintaining monetary stimulus is warranted, that rising gasoline prices may push up inflation temporarily and the drop in the unemployment rate to 8.3 percent from as high as 10 percent in October 2009 has been more rapid than expected. However, behind this headline number lies a disturbing trend, as the percentage of the population that has dropped out of the work force remains as high as it ever has been. The U.S. economy expanded at a 3 percent annual rate in the fourth quarter, more than forecast, and the Fed has refrained from a further round of stimulus from QE3. “Don’t fight the Fed” has more times than not been a beneficial stance, as their control over markets holds sway.

Terri J. Mendelson
Sr. Vice President
Vining Sparks
775 Ridge Lake Blvd
Memphis, TN 38120

Phone: 800 786-0996
Fax: 901 766-6317

tmendelson@viningsparks.com

Niles Asset Management sponsors Bi-Centennial Open House

January 2008

Niles Asset Management, Inc. is pleased to announce that it is sponsoring the upcoming "Lincoln Bi-Centennial Birthday Open-House", which will be held on Thursday February 12, 2009, at the St. Lawrence County Historical Association Museum, in Canton, New York. Further details of the event can be found on the association's website, www.SLCHA.org

Niles Asset Management launches web site

October 2007

Niles Asset Management (NAM), a private investment advisory/consulting service located in Northern New York, establishes a web presence to better serve its clients. With the assistant of 44DegreesNorth Promotions, NAM launched an information website to provide clients and those that are interested in investment opportunities a convenient way to learn more about the firm, its staff and philosophies, and company news.

Individuals that wish to learn more about NAM's services can contact Ryan Niles at 315-714-3100 or by e-mail: namcanton@slic.com

Niles Asset Management Expands into Canton

July 2007 - Canton

Niles Asset Management (NAM), a private investment advisory/consulting service located in Northern New York, expands its operations with a second office in Canton, NY.

Conveniently located at 95 Main Street, Canton, the expansion enables NAM to provide discretionary investment management to individuals, businesses, and non-profit organizations in the greater Canton area.

Businesses that wish to learn more about NAM's services can contact Ryan Niles at 315-714-3100 or by e-mail: namcanton@slic.com