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By Jason Stipp and Jeremy Glaser | 04-10-2015 06:00 AM

Friday Five: Big Deal Week a Mixed Bag for Investors

The recent wave of M&A continued this week, but some mergers look better than others for shareholders.

Jason Stipp: I'm Jason Stipp for Morningstar and welcome to The Friday Five, Morningstar's take on five stories in the market this week.

Joining me with The Friday Five is Morningstar markets editor Jeremy Glaser.

Jeremy, thanks for being here.

Jeremy Glaser: You're welcome, Jason.

Stipp: Up first this week, we got Fed minutes. There wasn't anything terribly surprising, but is there any more insight on when that rate hike might begin?

Glaser: You're right--nothing groundbreaking in the minutes, and I don't think we learned too much about when we're going to see that rate hike.

As was broadly expected, several members do think that June is the meeting that rates should start to increase. But remember that these minutes happened before we got a spat of weak data, particularly that weak jobs report, which might push back that date. There was also some concern about the rising dollar and the impact that's going to have on the economy; that's obviously on the Fed's mind as well.

I think June is still a possibility, but it's looking more and more remote; it looks like it's going to be later in the year. There was even a slight suggestion that a member thinks that 2016 is more appropriate; I think that's also an outlier. Late 2015 seems like the most likely timing right now.

Again, we'd like to emphasize that the exact timing of the Fed's rate increase shouldn't be a huge concern to individual investors. If you're an institutional investor, if you are worried about day-to-day market fluctuations--sure, that date is really important. Long-term investors don't need to be terribly concerned about when it happens. They just need to have it in the back of their mind that, yes, we're going to be moving into a higher short-term rate environment sometime in the coming months.

Stipp: There was a lot of deal news this week, including a deal in the energy sector. Energy is maybe not a bad place to go shopping, but we actually think that particular deal could be overpriced.

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