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Forecasting U.S. Investment-IMF Working paper
November 22, 2010--Summary: The driving force of U.S. economic growth is expected to rotate from the fiscal stimulus and inventory rebuilding in 2009 to private demand in 2010, with consumption and particularly investment expected to be important contributors to growth.
The strength of U.S. investment will hence be a crucial issue for the U.S. and global recovery. On the basis of several traditional models of investment, we forecast that the U.S. investment in equipment and software will grow by about 10 percent on average over the 2010-12 period. The contribution of investment to real GDP growth will be 0.8 percentage points on average over the same period.
view Forecasting U.S. Investment-IMF working paper
Source: IMF
SEC Announces Agenda and Panelists for Second Field Hearing on State Of Municipal Securities Markets
Hearing Scheduled for December 7 in Washington, D.C.
November 23, 2010--The Securities and Exchange Commission announced today that it will hold its second field hearing to examine the municipal securities markets at its Headquarters in Washington, D.C., on December 7. Topics will include market stability and liquidity, investor impact, and self-regulation.
This is the second in a series of hearings, which SEC Chairman Mary Schapiro first announced in May, taking place across the country and examining a wide range of issues that affect investors in the municipal securities market. Following the hearings, the Commission will release a staff report addressing information learned, including their recommendations for further action the Commission should pursue, which may include rulemaking, recommendation for changes in industry “best practices,” or legislation.
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Source: SEC.gov
Deutsche Bank files with the SEC
November 23, 2010-- DBX Strategic Advisors LLC and DBX Advisors LLC (together, the “Advisors”), DBX ETF Trust (the “Trust”) and TDX Independence Funds, Inc. (“TDX Funds”) (collectively, “Applicants) have filed an application for exemptive relief witht the SEC.
view filing
Source: SEC.gov
Deutsche Bank files with the SEC
November 23, 2010--TDX Independence Funds, Inc. and DBX ETF Trust have filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
November 23, 2010--The Monthly Data for U.S. Department of the Treasury has recently been updated, and is now available.
view updates
Source: U.S. Deaprtment of the Treasury
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
November 23, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data has been updated is now available.
view updates
Source: U.S. Department of the Treasury
Fundamentals: The Glad Game
November 23, 2010--Last month we used the term “Pollyanna” to describe the optimistic return scenarios that need to occur for institutions and plan participants to cover their liabilities. The term originated with the 1913 children’s book of the same title by Eleanor Porter.
In it, the young Pollyanna
plays the “Glad Game” where one
finds something to be glad about in
any situation. As an orphan growing
up with a strict aunt, Pollyanna finds
a reason to be optimistic even as she
faces obstacle after obstacle in her
new surroundings.
Investors today would do well to play a bit of the Glad Game. Despite a world of low single-digit yields and high single-digit return targets, there are ways that investors can span this seemingly irreconcilable gap.
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Source: Research Affiliates, LLC.
Dow Jones Indexes Announces Latest Performance Data For The U.S. Venture Capital Index
November 23, 2010-- Dow Jones Indexes, a leading global index provider and a CME Group company, today announced the latest performance data for the Dow Jones U.S. Venture Capital Index. The index is designed to measure changes in the market value of venture capital-financed companies in the United States.
At the end of the second quarter 2010, the index value was 1,183.211, down 18.29% from December 31, 2009. According to Sand Hill Econometrics, which co-developed the index’s methodology, there were two factors behind the decline. One is several “disappointing exits”?—?companies that failed or were acquired for low values. The other is the general decline in equity values during the quarter?—?the Dow Jones U.S. Total Stock Market Index fell 11.52% during the second quarter of 2010. As Sand Hill notes, VC is not immune to a drop in equity values and the stock market is an indicator of equity values overall.
“We are pleased to present the latest index performance results,” said Susan Woodward, an economist and the founder of Sand Hill Econometrics. “Year-to-date we have a drop in values, with most of that decline in the second quarter. However, venture values are up 57% from the trough in February 2009, confirming that venture capital is here to stay,” noted Woodward.
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Source: Dow Jones Indexes
Minutes Of The Federal Open Market Committee, October 15 And November 2-3, 2010
November 23, 2010--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on November 2-3, 2010 and of the conference call held on October 15, 2010. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the November 2-3, 2010 meeting is also included as an addendum to these minutes.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
view Minutes of the Federal Open Market Committee-October 15 and November 2-3, 2010
Source: Federal Reserve Board
ProShares Announces Zero Capital Gain Distributions for ETFs
November 23, 2010--ProShares, the leading manager of leveraged and inverse ETFs¹, announced today that it estimates that none of its 99 equity and fixed-income ETFs will pay any 2010 capital gain distributions.
“A goal of ProShares is to provide investors with opportunities to manage risk and seek returns while also providing them with tax efficiency,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC. “As a result, we are pleased to announce that we expect no capital gain distributions this year.”
Estimates of capital gain distributions are subject to change. Capital gain distribution and income dividend amounts will vary from year to year. The estimate is for informational purposes only. For specific tax advice, we recommend that investors seek advice from a qualified tax professional. ProShares plans to provide information about any fourth quarter income dividends separately.
Source: ProShares
