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CBO-Monthly Budget Review: March 2021
April 8, 2021--Summary
The federal budget deficit was $1.7 trillion in the first six months of fiscal year 2021, the Congressional Budget Office estimates-almost $1 trillion more than the deficit recorded during the same period last year.
Outlays were 45 percent higher and revenues were 6 percent higher from October through March than during the same period in fiscal year 2020. Most of that difference arises from spending for three purposes, largely in response to the coronavirus pandemic: refundable tax credits, unemployment compensation, and the Small Business Administration's Paycheck Protection Program.
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Source: Congressional Budget Office (CBO)
Vanguard Launches Active Ultra-Short Bond ETF
April 7, 2021--Vanguard today introduced its first actively managed bond ETF, managed by its in-house fixed income team. Vanguard Ultra-Short Bond ETF (VUSB) offers a low-cost, diversified option for investors seeking income and limited price volatility. The ETF, which is listed on the Chicago Board Options Exchange (Cboe), has an expense ratio of 0.10%, compared with the average expense ratio for ultra-short-term bond ETFs of 0.22%1.
"Vanguard Ultra-Short Bond ETF offers the features of an ETF structure for investors seeking an option for anticipated cash needs in the range of 6 to 18 months," said Kaitlyn Caughlin, head of Vanguard Portfolio Review Department. "An ultra-short strategy bridges the gap between money market funds offering a stable share price and short-term bond funds, which are meant for longer investment time horizons."
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Source: Vanguard
Joe Biden wants to spend $2 trillion on infrastructure and jobs. These 4 charts show where the money would go
April 1, 2021--The plan includes everything from road repairs and electric vehicle stations, to public school upgrades and training for the clean-energy workforce.
President Joe Biden on Wednesday introduced a sweeping $2 trillion infrastructure and jobs package that looks to reshape the American economy and make the most significant domestic U.S. investments in generations.
His far-reaching American Jobs Plan includes spending to repair aging roads and bridges, jump-start transit projects and rebuild school buildings and hospitals. It would also expand electric vehicles, replace all lead pipes and overhaul the nation's water systems.
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Source: usatoday.com
Concerns grow over ETFs' illiquid holdings
March 29, 2021--Funds with large stakes in barely traded stocks could be hit harder in a market downturn
The surge in ETF investment is beginning to spark concerns that retail investors will not be able to differentiate between exchange traded funds that own securities which are easy to trade and those that have illiquid holdings.
The fear is that some funds, particularly those that have narrow investment objectives, can amass very large holdings in companies that are barely traded.
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Source: FT.com
Wall Street banks anticipate SEC inquiries into SPAC market
March 25, 2021--Wall Street's biggest banks are expecting the U.S. Securities and Exchange Commission to step up its oversight of the red-hot SPACs market.
Officials at major firms are anticipating letters from regulators asking about the potential dangers of underwriting a deluge of deals from so-called blank-check companies, according to two people familiar with the matter.
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Source: pionline.com
Four Charts on Canada's Carbon Pollution Pricing System
March 23, 2021--With a federal price on carbon now written into law, Canada is fighting climate change. The country’s enhanced carbon pricing measures put it on track to meet its Paris Agreement targets, providing a model for other large-emitting countries to follow.
Canada has pledged to cut greenhouse gases by about 30 percent below current levels by 2030 and to achieve emissions neutrality by 2050. To meet these ambitious targets, the country is steadily ramping up its price on carbon.
The following four charts illustrate the "why and how" of Canada's carbon pricing arrangement.
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Source: IMF
Managers hope 'proxy' bitcoin funds will finally win SEC approval
March 22, 2021--Despite their popularity elsewhere, the SEC has yet to give the green light to crypto ETFs
US asset managers are attempting to sidestep the Securities and Exchange Commission's apparent reluctance to approve bitcoin exchange traded funds with applications for products that will provide "proxy" exposure.
The filings with the SEC come as exchange traded products that track the price of the cryptocurrency are already up and running in Sweden, Switzerland, Jersey, Germany and Canada.
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Source: FT.com
BlackRock Cuts Fees on $7.6 Billion Style ETFs to Near Zero
March 22, 2021--Expense ratios of nine funds plunge to range of 0.03% to 0.06%
Competition has prompted big fund issuers to reduce costs
BlackRock Inc.'s revamped $7.6 billion lineup of style ETFs will feature new benchmarks, different tickers and a perk: rock-bottom fees.
The world's biggest exchange-traded fund issuer is cutting the expense ratios on nine iShares Morningstar U.S. Equity Style Box ETFs to a range of 0.03% to 0.06%. That's down from previous charges that varied between 0.25% and 0.30%. Those products--which focus on specific approaches such as company size and growth or value investing-- are now tracking the Morningstar Broad Style Indexes that were launched in January.
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Source: bloomberg.com
BlackRock under pressure to live up to its promises on diversity
March 22, 2021--Past and present employees of colour seek change at asset manager some call 'WhiteRock'
When Essma Bengabsia joined BlackRock full-time in 2018, she thought she had found the perfect launch pad for her career.
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Source: FT.com
First Trust Lists March Series of Target Outcome ETFs(R) Buffer Strategies Based on QQQ, EFA and SPY
March 22. 2021--March series includes: QMAR, YMAR, FMAR and DMAR (collectively, the "funds")
Upside caps announced for the funds, all of which seek a balance of upside performance potential with a downside buffer
The funds join First Trust's lineup of successful and fast-growing actively managed Buffer ETF
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has expanded its suite of Target Outcome ETFs(R) with Buffer Strategies based on Invesco QQQ TrustSM Series 1 ("QQQ") and iShares MSCI EAFE ETF ("EFA"), as well as Buffer and Deep Buffer Strategies based on SPDR(R) S&P 500® ETF Trust ("SPY").
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Source: First Trust
