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2019-10-03 Commissioners of Trust Funds Minutes
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2019-10-03 Commissioners of Trust Funds Minutes
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Town of Reading <br /> Meeting Minutes <br /> Board - Committee - Commission - Council: f <br /> Commissioners of Trust Funds 1Q1i ftui; 27 /11110 52 <br /> Date: 2019-10-03 Time: 7:00 PM <br /> Building: Reading Town Hall Location: Lower Level Conference Room <br /> Address: 16 Lowell Street Session: Open Session <br /> Purpose: General Business Version: Final <br /> Attendees: Members - Present: <br /> Neil Cohen, John Daly, Elizabeth Klepeis, and Endri Kume <br /> Members - Not Present: <br /> John R Halsey <br /> Others Present: <br /> Minutes Respectfully Submitted By: Endri Kume <br /> Topics of Discussion: <br /> Mr. Cohen called the meeting to order at 7:01 PM. <br /> Open Session for topics not reasonably anticipated 48 hours in advance of the <br /> meeting <br /> None <br /> Meeting Notes <br /> Two sets of minutes were approved as follows: <br /> On a motion by Ms. Klepeis. seconded by Mr. Daly the Minutes of the 6/27/19 meeting were <br /> approved by a vote of 4-0-0. <br /> On a motion by Ms. KleDeis, seconded by Mr. Daly the Minutes of the 9/19/19 meeting were <br /> approved, as amended, by a vote of 3-0-1. Mr. Cohen abstained as he was not present at <br /> the meeting. <br /> Review Cash Flow portfolio,discuss investment changes and Trust Balances <br /> Reports <br /> Mr. Daly informed the Commissioners that there were mixed feelings among investors about <br /> recession. The yield on the 30-year Treasury bond, which shows sensitivity to changes in <br /> inflation expectations, dropped to below 20% for the first time on record. Consumer spending <br /> was still active so at this point it is difficult to predict anything. He mentioned that volatility <br /> in the market is a certainty for the upcoming quarter. Mr. Daly also informed the <br /> Commissioners that the Fed most likely will do two rate cuts in 2020. Ms. Klepeis asked if it <br /> was a good time to talk and discuss selling some of the SPDRs and i5hares Russell shares, <br /> to make sure we have enough liquidity. Mr. Cohen mention besides that it might be a good <br /> idea to sell the Intel stock that we have been holding since we no longer want to own <br /> individual stocks. After the discussion the following motions were made: <br /> Page 1 1 <br />
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