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FRBSF Economic Letter-Is the Risk of the Lower Bound Reducing Inflation
February 24, 2020--U.S. inflation has remained below the Fed's 2% goal for over 10 years, averaging about 1.5%. One contributing factor may be the impact from a higher probability of future monetary policy being constrained by the effective lower bound on interest rates.
Model simulations suggest that this higher risk of hitting the lower bound may lead to lower expectations for future inflation, which in turn reduces inflation compensation for investors. The higher risk may also change household and business spending and pricing behavior. Taken together, these effects contribute to weaker inflation.
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Source: Robert Amano, Thomas J. Carter, and Sylvain Leduc-Federal Reserve Bank of San Francisco
More firms throw weight behind new Wall-Street backed stock exchange
February 20, 2020--Goldman Sachs and JPMorgan are joining the list of banks, brokerages and trading firms that back the Members Exchange, or "MEMX"-a new stock exchange that says it will go live in July and challenge incumbent exchanges by charging lower fees.
Why it matters: MEMX, which is still awaiting regulatory approval from the SEC, could be a formidable competitor to the entrenched "big three" stock exchanges.
The big picture: All but one of the nation's stock exchanges (not including dark pools) are controlled by three big players: Intercontinental Exchange (the parent company of NYSE), Nasdaq and Cboe.
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Source: axios.com
Federal Open Market Committee-Minutes of the Federal Open Market Committee January 28-29, 2020
February 19, 2020--A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, January 28, 2020, at 10:00 a.m. and continued on Wednesday, January 29, 2020, at 9:00 a.m.1
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Source: federalreserve.gov
Franklin confirms deal for Legg Mason to create $1.5tn group
February 18, 2020--Franklin Resources has confirmed that it is in the process of acquiring rival asset management company Legg Mason, in a deal that would boost its assets under management to $1.5tn.
Under the terms of the deal, Franklin Resources will purchase Legg Mason, which owns nine investment firms in its multi-affiliate model, in an all-cash offer.
Under the terms of the deal, it will also assume approximately $2bn of Legg Mason's outstanding debt.
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Source: citywireselector.com
Local bourse closes firmer after mixed session
February 13, 2020--The US Fed has indicated that it is closely assessing the potential impact to growth that could stem from the epidemic, while in China measures such as reserve requirement cuts have been taken to bump up liquidity in the markets.
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Source: FIN24
BlackRock Climate Vow Pays Off With New ETF’s $600 Million Debut
February 11, 2020--An exchange-traded fund from the New York-based money manager has attracted more than $600 million this week, despite only starting trading on Friday, data compiled by Bloomberg show. That's the best debut for any U.S. ETF this year, and a sign BlackRock isn't the only one that sees climate change as a defining factor in companies' long-term prospects.
Investing in companies that care about environmental, social and governance issues is finally catching on after years of sluggish growth. While only a small drop in the $4.5 trillion U.S. ETF market, sustainable funds added more than $8 billion in 2019 and assets recently topped $20 billion.
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Source: finance.yahoo.com
Investors Have a Powerful New Tool Designed to Protect Against Downside Risk With the Launch of the Armor US Equity Index ETF
February 11, 2020--A 10-year old bull market, renewed volatility, the tendency of investors to mistime markets all make ARMR a key bulwark in the effort to maintain gains and avoid significant sell-offs
Armor Index, Inc., an innovative new provider of indices designed to protect against downside risk across a number of asset classes, in conjunction with Exchange Traded Concepts, LLC ("ETC"), one of the leading provider of white label ETF services, today announced the launch of the Armor US Equity Index ETF.
ARMR seeks to provide investment returns that, before fees and expenses, correspond generally to the total return performance of the Armor US Equity Index. Rebalanced monthly, the index provides exposure to those sectors of the US economy that score the highest using Armor’s proprietary market performance indicator (MPI), which identifies the sectors best positioned to offer strong, long-term performance potential with lower expected downside risk.
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Source: Armor Index, Inc.
Horizons ETFs lists budget-friendly US Large Cap ETF dedicated to Canadian Investors-Lower Fees possible due to Solactive
February 10, 2020-The US stock market keeps its attractiveness for contemporary investors. In 2019, Solactive's US Large Cap benchmark Index returned a record figure of 31.56% while sustaining a reasonable risk-profile alongside enjoying average volatility and low maximum drawdowns.
Canadian Asset Manager Horizons ETFs now issued a US-centered ETF tailored to Canadian Investors, who want to participate in the development of the US market at a low cost. With the Horizons US Large Cap Index ETF, Horizons ETFs creates an economically practical investment solution for Canadian investors to invest in their neighboring country's largest enterprises.
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Source: Solactive
CBO-Monthly Budget Review for January 2020
February 7, 2020--The federal budget deficit was $388 billion for the first four months of fiscal year 2020, CBO estimates, $78 billion more than the deficit recorded during the same period last year.
The federal budget deficit was $388 billion for the first four months of fiscal year 2020, CBO estimates, $78 billion more than the deficit recorded during the same period last year. Revenues and outlays alike were higher this year—by 6 percent and 10 percent, respectively-than during the first four months of fiscal year 2019.
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Source: CBO (Congressional Budget
Investors extend longest retreat from U.S. stock funds since 2016
February 5, 2020--Investors pulled nearly $12.6 billion out of mutual funds and exchange-traded funds that hold U.S. stocks last week, extending the longest retreat from the U.S. stock market since 2016, according to data released Wednesday by the Investment Company Institute.
The outflows came during a week in which fears of the coronavirus outbreak in China led to the biggest declines in benchmark equity indexes in four months despite stronger than expected earnings from tech giants such as Apple Inc (AAPL.O).
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Source: reuters.com
