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Financial Stability Report
May 15, 2020--Overview
The coronavirus (COVID-19) pandemic has caused tremendous human and economic hardship across the United States and around the world. The pandemic and the measures taken to contain it have effectively closed some sectors of the economy since mid-March. Economic activity in the United States has contracted at an unprecedented pace, and the unemployment rate surged to 14.7 percent in April .
The disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit. Policymakers in the United States and worldwide have taken extraordinary measures to strengthen the recovery once the health crisis passes. The Federal Reserve quickly lowered its policy rate to close to zero to support economic activity and took extraordinary measures to stabilize markets and bolster the flow of credit to households, businesses, and communities.
view the CFTC.gov Commitments of Traders Update Fed's credit operation launched, but job already done view more Fed Buys $305 Million of ETFs at Launch of Historic Program view more Asset managers call for clearer definition of ETFs view more Goldman Sachs to buy boutique wealth management custodian Folio view more Indxx goes mainstream with global benchmark series view more BlackRock throws weight behind new NYSE and Nasdaq challenger MEMX view more Trump administration orders federal pension fund to scrap plan to invest in Chinese stocks view more Big Money Managers Take Lead Role in Managing Coronavirus Stimulus view more
Source: federalreserve.gov
May 15, 2020--The current reports for the week of May 12, 2020 are now available.
view updates
Source: CFTC.gov
May 14, 2020--The Federal Reserve's pledged support for exchange-traded funds may not end up costing the central bank much, but will still have the desired effect of keeping the credit market afloat.
As part of an unprecedented stimulus endeavor, the Fed announced it would support the ETF market in March, and on Tuesday launched the backstop. In the first two days of its operation, the facility purchased $305 million worth of corporate bonds, according to Fed data released Thursday.
Source: reuters.com
May 14, 2020--The Federal Reserve bought $305 million of exchange-traded funds on the first day of its historic intervention into U.S. corporate debt markets, according to data published Thursday.
The figures were revealed in the central bank's weekly balance sheet update, which also showed that total assets rose to a new record of $6.93 trillion in the week through May 13. The ETF purchases, which began on Tuesday, are part of the latest emergency lending program the Fed has rolled out to help cushion the impact of the coronavirus pandemic on the U.S. economy and financial markets.
Source: Bloomberg
May 14, 2020--BlackRock, State Street and Invesco among those seeking strict definition of what can be called an exchange-traded fund
BlackRock Inc., State Street Global Advisors and some other large money managers are asking exchanges to enforce a more narrow definition of exchange-traded funds.
These firms want a new naming system reflected in exchange data feeds that go out to traders and investors. A proposal, shared with exchanges this week, would shut out leveraged and inverse funds that seek to amplify returns or losses from the definition of an ETF. It would also distinguish ETFs from debt notes and some funds that rely on leverage and commodity...
Source: wsj.com
May 14, 2020--Goldman Sachs Group Inc plans to buy a boutique wealth management custodian and technology company called Folio Financial Inc for an undisclosed amount of money, according to a letter that Folio sent to its customers on Thursday and was viewed by Reuters.
Folio would be the second wealth management company Goldman has acquired in two years, following United Capital in 2019, and it fulfills Chief Executive David Solomon's goals to build out the bank's other businesses.
Source: reuters.com
May 12, 2020--New York-based Indxx has launched the Indxx Global Benchmark series, a suite of regular, market-cap-weighted indices covering major equity markets.
The series currently comprises eight indices providing broad market exposure to global, developed market, developed ex-US, US, Europe, Japan, Asia Pacific, and emerging market equities.
They are the Indxx Global Markets Index, the Indxx Developed Markets Index, the Indxx Developed Markets ex-US Index, the Indxx USA Index, the Indxx Developed Europe Index, the Indxx Japan Index, the Indxx Developed Asia-Pacific Index and the Indxx Emerging Markets Index.
Source: etfstrategy.com
May 12, 2020--The Members Exchange on Tuesday said BlackRock Inc (BLK.N), the world's biggest asset manager, was among its latest financial and strategic backers as the new bourse gears up to take on the New York Stock Exchange and Nasdaq Inc (NDAQ.O) with a third-quarter launch.
MEMX, which was founded by some of the biggest customers of Intercontinental Exchange Inc's (ICE.N) NYSE and Nasdaq, said Wells Fargo (WFC.N), Flow Traders, Manikay Partners and Williams Trading, also took part in its recent $65 million financing round.
Source: reuters.com
May 12, 2020--White House officials say $4 billion investment presents national security risk
The Trump administration has directed the U.S. federal employee retirement fund to scrap its plan to place more than $4 billion into Chinese investments, a move that comes as the president blames Beijing almost daily for not doing more to stop COVID-19 from spreading around the world.
Source: marketwatch.com
May 11, 2020--BlackRock is about to start buying billions of dollars in corporate bonds for the Fed, reflecting the firm’s rise to financial might but also opening it to scrutiny
The Federal Reserve's giant program of corporate bond buying is about to kick in. It will hand a critical new role in propping the struggling economy to a business with increasing clout in the financial world: money management.
The central bank has tapped BlackRock Inc. to help it direct money into both new and already-issued corporate bonds, assisting the Fed in its recently adopted role as lender of last resort for businesses. The Fed is expected to launch the program in coming days.
Source: wsj.com
