re: Why are Utilities down this week?

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How should I think about interest rates "rising" today vs the fed reducing rates over the last few months?

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The Fed’s focus is on overnight rates in the fed funds market.

Utilities usually borrow longer term in order to match their long-term assets (plant, equipment and transmission lines) to longer term debt. Plus the only way utilities can improve their ROE to competitive levels is to leverage its balance sheet.

Longer term rates are what have gone up significantly over the last two weeks.