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Beige Book-September 2, 2020
September 2, 2020--Overall Economic Activity
Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic. Manufacturing rose in most Districts, which coincided with increased activity at ports and among transportation and distribution firms. Consumer spending continued to pick up, sparked by strong vehicle sales and some improvements in tourism and retail sectors.
But many Districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels. Commercial construction was down widely, and commercial real estate remained in contraction. Conversely, residential construction was a bright spot, showing growth and resilience in many Districts. Residential real estate sales were also notably higher, with prices continuing to rise along with demand and a shortage of inventory. In the banking sector, overall loan demand increased slightly, led by solid residential mortgage activity. Agricultural conditions continued to suffer from low prices, and energy activity was subdued at low levels, with little expectation of near-term improvement for either sector. While the overall outlook among contacts was modestly optimistic, a few Districts noted some pessimism. Continued uncertainty and volatility related to the pandemic, and its negative effect on consumer and business activity, was a theme echoed across the country.
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Source: federalreserve.gov
Beige Book-September 2, 2020
September 2, 2020--Overall Economic Activity
Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic. Manufacturing rose in most Districts, which coincided with increased activity at ports and among transportation and distribution firms. Consumer spending continued to pick up, sparked by strong vehicle sales and some improvements in tourism and retail sectors.
But many Districts noted a slowing pace of growth in these areas, and total spending was still far below pre-pandemic levels. Commercial construction was down widely, and commercial real estate remained in contraction. Conversely, residential construction was a bright spot, showing growth and resilience in many Districts. Residential real estate sales were also notably higher, with prices continuing to rise along with demand and a shortage of inventory. In the banking sector, overall loan demand increased slightly, led by solid residential mortgage activity. Agricultural conditions continued to suffer from low prices, and energy activity was subdued at low levels, with little expectation of near-term improvement for either sector. While the overall outlook among contacts was modestly optimistic, a few Districts noted some pessimism. Continued uncertainty and volatility related to the pandemic, and its negative effect on consumer and business activity, was a theme echoed across the country.
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Source: federalreserve.gov
Robinhood Faces SEC Probe for Not Disclosing Deals With High-Speed Traders
September 2, 2020--Company could have to pay a fine exceeding $10 million if it agrees to settle
Robinhood Markets Inc. faces a civil fraud investigation over its early failure to fully disclose its practice of selling clients' orders to high-speed trading firms, people familiar with the matter said.
The investigation is at an advanced stage and the company could have to pay a fine exceeding $10 million if it agrees to settle the Securities and Exchange Commission probe, one of the people said. A deal, however, is unlikely to be announced this month, the people said, and the two sides haven't formally negotiated a ...
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Source: wsj.com
TrueShares Structured Outcome September ETF (Ticker: SEPZ) has launched September 1st.
September 1, 2020--SEPZ is expected to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first losses of the S&P 500 Price Index over a 12-month investment period.
In addition to the downside buffer, SEPZ will seek upside returns similar to the S&P 500 Price Index.
As of 9/1/2020, the estimated upside market participation rate range is 87-89%.
The TrueShares Structured Outcome ETF Series utilizes a "buffer protect" options strategy, that seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Index while seeking to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first of that index's losses over a 12-month investment period.**
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Source: true-shares.com
SoFi Gig Economy ETF up over 100% Since March Low
August 27, 2020--SoFi announced today that its SoFi Gig Economy ETF (GIGE) reached a new 52-week high on August 26, 2020, closing at a price of $28.09.
As of yesterday's close, GIGE has more than doubled (101.8%) off its 52-week low of $13.92 on March 16th. GIGE is in the top 30 of best-performing equity ETFs in the U.S. this year (out of 1,482, not including leveraged funds). As of the most recent quarter end on 6/30/2020, GIGE was up 19.71% year-over-year and 16.44% since its inception May 8, 2019.
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Source: SoFi
Fed Chair Sets Stage for Longer Periods of Lower Rates
August 27, 2020--Jerome H. Powell said the central bank would focus its efforts on fostering a strong labor market while tolerating higher inflation.
Jerome H. Powell, the chair of the Federal Reserve, announced a major shift in how the central bank guides the economy, signaling it will make job growth pre-eminent and will not raise interest rates to guard against coming inflation just because the unemployment rate is low.
In emphasizing the importance of a strong labor market and saying the Fed will tolerate slightly faster price gains, Mr. Powell and his colleagues laid the groundwork for years of low interest rates. That could translate into long periods of cheap mortgages and business loans that foster strong demand and a solid job market.
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Source: nytimes.com
Fee Rate Advisory #1 for Fiscal Year 2021
August 26, 2020--The Securities and Exchange Commission today announced that in fiscal year 2021 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $109.10 per million dollars.
Background
The securities laws require the Commission to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934. The Commission must set rates for the fees paid under Section 6(b) to levels that the Commission projects will generate collections equal to annual statutory target amounts. The Commission's projections are calculated using a methodology developed in consultation with the Congressional Budget Office and the Office of Management and Budget. As directed by the statute, the Commission determined the statutory target amount for fiscal year 2021 to be $709,554,300 by adjusting the fiscal year 2020 target collection amount of $705 million for the rate of inflation. The annual adjustment to the fee rate under Section 6(b) also sets the annual adjustment to the fee rates under Sections 13(e) and 14(g).
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Source: SEC.gov
A US-Focused Cannabis ETF Is Finally On The Way
August 26, 2020--Through boom and burst of the cannabis equity cycle, two things became abundantly clear: multi-state operators (MSOs) often outperformed their Canadian rivals and accessing MSOs through most New York-listed marijuana exchange-traded funds was difficult.
What Happened: Accessing cannabis MSOs via the ETF wrapper will soon get easier because AdvisorShares is launching the AdvisorShares Pure US Cannabis ETF NYSEMSOS on Sept. 2.
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Source: benzinga.com
U.S. SEC allows more investors access to private companies, eases company disclosures
August 26, 2020--The U.S. Securities and Exchange Commission (SEC) on Wednesday adopted changes to its decades-old definition of a professional investor in order to allow more everyday Americans to buy shares in private companies, and eased come company disclosure rules.
The agency said it hopes the changes to its "accredited investor" definition will boost retail investors' access to the swelling pool of companies that are staying private for longer. But the change was criticized by investor advocates and agency officials who say even seasoned investors struggle to spot problems with private companies.
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Source: reuters.com
SEC approves NYSE proposal to allow IPO alternative
August 26, 2020--The U.S. Securities and Exchange Commission said on Wednesday it approved a proposal by the New York Stock Exchange to allow companies to raise capital through direct listings.
The move is a major breakthrough for the exchange operator that has been pushing for an alternative to traditional initial public offerings (IPOs) for companies to raise money. The move is a major breakthrough for the exchange operator that has been pushing for an alternative to traditional initial public offerings (IPOs) for companies to raise money.
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Source: reuters.com
