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Minutes of the Federal Open Market Committee. March 15, 2020
April 8, 2020--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 15, 2020, and of the conference call held on March 2, 2020.
Developments in Financial Markets and Open Market Operations
The System Open Market Account (SOMA) manager first reviewed developments in domestic and global financial markets. Financial markets remained exceptionally volatile amid the global spread of the coronavirus and uncertainty regarding its effects.
Since the meeting of the FOMC in late January, the S&P 500 index declined 18 percent, nominal U.S. Treasury yields moved 60 to 100 basis points lower, and market-based measures of inflation compensation fell 75 to 100 basis points
Investment-grade and high-yield credit spreads widened about 120 basis points and 360 basis points, respectively. The U.S. dollar appreciated notably against most currencies, with the exception of other safe-haven currencies, and crude oil prices dropped 40 percent. Against this backdrop, expectations for the path of the federal funds rate adjusted sharply.
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Source: federalreserve.gov
ETFMG and Wedbush Collaborate on Pure-Play Global Cloud Computing ETF: IVES
April 7, 2020--ETFMG, leading thematic ETF issuer, in collaboration with Wedbush Securities, leading financial services and investment banking firm, launches the Wedbush ETFMG Global Cloud Technology ETF (NYSE Arca: IVES)*, answering investor demand for direct access to a pure-play cloud technology product.
IVES, named for prominent Wedbush technology analyst and visionary of the ETF, Dan Ives, is designed for direct access to the cloud infrastructure and cloud "enabler" companies, expected to be major beneficiaries in the estimated $1T in enterprise cloud spending over the next decade. 1 The Fund gives global exposure to companies at the forefront of the next wave of cloud technology.
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Source: ETFMG
NYSE to review circuit-breaker system after vertiginous drops
April 7, 2020--The New York Stock Exchange is planning to review the effectiveness of market-wide systems designed to dampen extreme volatility after circuit-breakers were tripped several times last month during a stampede from risky asset
In mid-March US markets saw a series of 15-minute halts to trading following big drops in the S&P 500 index, as investors spooked by the spread of coronavirus scrambled to dump positions.
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Source: afr.com
CBO-Monthly Budget Review for March 2020
April 7, 2020--The federal budget deficit was $741 billion in the first half of fiscal year 2020, CBO estimates, $50 billion more than the deficit recorded during the same period last year. Revenues and outlays alike were higher through March of this year-by 6 percent and 7 percent, respectively-than during the first half of fiscal year 2019.
Those results were not significantly affected by the novel coronavirus pandemic or by the federal government's response to it. The budgetary effects of the pandemic's impact on economic activity and of the legislation recently enacted in response will become more noticeable in April.
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Source: CBO (congressional Budget Office)
NYSE in talks with SEC to ease listing rules during coronavirus volatility
April 6, 2020--The New York Stock Exchange said on Monday it was in talks with regulators to temporarily ease its listing requirements to take the strain off companies that may have fallen out of compliance due to the market rout spurred by the coronavirus.
The U.S. Securities and Exchange Commission initially rejected a proposal to waive certain ongoing listing requirements until the end of June that the NYSE, owned by Intercontinental Exchange Inc, had filed on Friday as immediately effective, Farrell Kramer, a spokesman for the exchange said.
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Source: reuters.com
Fed taps Pimco and State Street for funding programme
April 3, 2020--Appointment of managers for commercial paper facility comes after BlackRock was hired to run bond purchases
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Source: FT.com
CFTC.gov Commitments of Traders Update
April 3, 2020--The current reports for the week of March 31, 2020 are now available.
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Source: CFTC.gov
Tradeweb Reports Record March Trading Volume
April 3, 2020--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported a record average daily volume (ADV) of $1.0 trillion (trn) in aggregate for the month of March 2020, an increase of 41.5 percent (%) year over year (YoY).
For the first quarter of 2020, Tradeweb reported record ADV of $897.8 billion (bn), up 39.0 % YoY, and preliminary average variable fees per million dollars of volume traded of $2.65.view more
Source: tradeweb.com
Updating CBO's Economic Forecast to Account for the Pandemic
April 2, 2020--CBO expects that the economy will contract sharply during the second quarter of 2020 as a result of the continued disruption of commerce stemming from the spread of the novel coronavirus. The following are CBO's very preliminary estimates, which are based on information about the economy that was available through this morning and which include the effects of an economic boost from recently enacted legislation.
Gross domestic product is expected to decline by more than 7 percent during the second quarter. If that happened, the decline in the annualized growth rate reported by the Bureau of Economic Analysis would be about four times larger and would exceed 28 percent. Those declines could be much larger, however.
The unemployment rate is expected to exceed 10 percent during the second quarter, in part reflecting the 3.3 million new unemployment insurance claims reported on March 26 and the 6.6 million new claims reported this morning.
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Source: Congressional Budget Office (CBO)
Invesco cuts value of Barnett's unquoted holdings by 60%
April 1, 2020--US fund manager to offload problem investments to avoid Neil Woodford-style liquidity crunch
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Source: FT.com
