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CBO-The Budget and Economic Outlook: 2019 to 2029
January 29, 2019--In CBO's projections, deficits remain large by historical standards, and federal debt grows to equal 93 percent of GDP by 2029. As the effects of fiscal stimulus wane, projected economic growth falls back below the historical average.
Deficits
In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years. CBO's projection of the deficit for 2019 is now $75 billion less-and its projection of the cumulative deficit over the 2019–2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes-most notably, a decrease in emergency spending.
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Source: Congressional Budget Office (CBO)
The Forum at ETF Research Center-Save with our Mutual Fund Replacement Tool
January 28, 2019--Change Isn't Always Easy
Millions of investors know that ETFs are often cheaper and more tax-efficient than traditional mutual funds, among other advantages.
This awareness has helped ETFs gain market share over the past decade and a half as investors gradually shifted assets out of mutual funds and into ETFs.
There is plenty of room for that trend to continue. According to the Investment Company Institute, assets invested in U.S. equity ETFs exceeded $2.1 trillion as of November 2018. Yet that is still less than one-third of the $7.5 trillion invested in U.S. equity-focused mutual funds.
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Source: AltaVista Research
CBO-The Effects of the Partial Shutdown Ending in January 2019
January 28, 2019--Summary
The Congressional Budget Office has estimated the effects of the five-week partial
shutdown of the government that started on December 22, 2018, and ended on
January 25, 2019. This report presents CBO's findings, which include the following
: CBO estimates that the five-week shutdown delayed approximately $18 billion
in federal discretionary spending for compensation and purchases of goods and
services and suspended some federal services.
As a result of reduced economic activity' CBO estimates' real (that is' inflation-
adjusted) gross domestic product (GDP) in the fourth quarter of 2018 was
reduced by $3 billion (in 2019 dollars) in relation to what it would have been
otherwise. (Such references are in calendar years or quarters unless this report
specifies otherwise.) In the first quarter of 2019' the level of real GDP is
estimated to be $8 billion lower than it would have been-an effect reflecting
both the five-week partial shutdown and the resumption in economic activity
once funding resumed.
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Source: Congressional Budget Office (CBO)
ETFS Capital Invests $4 Million in ETFLogic, the New York City-based Leading ETF Analytics and Data Technology Company
January 28, 2019--ETFS Capital has provided an initial $4 million of seed funding to ETFLogic, the exchange traded fund (ETF) analytics and data company.
The parties anticipate that any future funding will also come from ETFS Capital, enabling ETFLogic to focus solely on developing its business without the need to source outside capital.
The tools that ETFLogic provide are incredibly useful to ETF issuers, financial advisers and anyone wishing to select which ETFs might be best for their client or portfolio.
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Source: ETFLogic
2018 U.S. Fund Flows Trends in 5 Charts Investors shunned most of Wall Street last year
January 28, 2019--Many mutual fund and exchange-traded fund investors had much less use for what most of Wall Street was selling in 2018. Most had little interest in anything that wasn't passive (continuing a long-term trend), core-oriented, and/or low-risk.
As a result, money continues to gravitate to passive leaders, Vanguard and iShares, as the rest of the industry downsizes and consolidates. (See the layoffs recently announced by BlackRock, BNY Mellon, and JPMorgan Asset Management.) In part because of the growth of target-date funds and other portfolio-based solutions, many investors are more cost-conscious and less performance-driven than in the past. These are no doubt positive shifts for most investors, but they leave less of a role for Wall Street.
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Source: Morningstar
JPMorgan makes late push to become ETF heavyweight
January 27, 2019--New York lender raises fund sales tenfold, outpacing State Street and Invesco
JPMorgan's bid to join the top tier of exchange traded fund managers was boosted last year as the New York-listed group increased sales tenfold.
The bank, which had some of the best-selling newly launched funds in 2018, has increased its efforts to regain assets lost to BlackRock and Vanguard over the past decade.
view more Franklin Templeton and Invesco ranked worst-selling funds in 2018 view more
NYSE Arca Files Paperwork for Bitwise Bitcoin ETF Approval view more Exchange Traded Concepts to Close and Liquidate the James Purpose Based Investment ETF
The Fund will be closed to orders for new creation units on January 29, 2019, and the last day of trading the Fund's shares on the Cboe BZX Exchange, Inc. will be February 5, 2019. view more SEC breaks with global authority on environmental, social disclosures
The Securities and Exchange Commission didn't vote on the Iosco document, according to a footnote at the bottom of the international statement. view more
Source: FT.com
January 26, 2019--Active managers were hit hardest last year as investors reacted to jittery markets
Franklin Templeton and Invesco were ranked as the worst-selling mutual fund managers globally last year as turbulent markets prompted large redemptions from active investors.
A net $44.5bn was withdrawn from Franklin's mutual funds in 2018 while net outflows at Invesco were $27.1bn, said Morningstar, the data provider.
Source: FT.com
January 25, 2019--New details have surfaced about the bitcoin exchange-traded fund (ETF) proposed by Bitwise and NYSE Arca.
Bitwise Asset Management announced its intention to launch the ETF earlier this month. If approved, it would be the first bitcoin ETF to make it to market in the U.S.
Source: coindesk.com
January 25, 2019--After careful consideration, Exchange Traded Concepts, LLC, the Fund's investment adviser, in consultation with James Investment Research Inc., the Fund's index provider, has recommended, and the Board of Trustees of Exchange Listed Funds Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation.
Accordingly, the Fund is expected to cease operations and liquidate on or about February 7, 2019 (the "Liquidation Date").
Source: Exchange Traded Concepts, LLC
January 25, 2019--The US Securities and Exchange Commission has distanced itself from a global authority's statement encouraging companies to consider disclosing major business risks stemming from environmental, social and governance issues.
The International Organization of Securities Commissions said last week that companies should weigh revealing "material" risks as well as how they monitor these developing threats.
Source: https://mlexmarketinsight.com
