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CBO-Monthly Budget Review for November 2018
December 10, 2018--The federal budget deficit was $303 billion for the first two months of fiscal year 2019, CBO estimates, $102 billion more than the deficit recorded during the same period last year.
The federal budget deficit was $303 billion for the first two months of fiscal year 2019, CBO estimates, $102 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher-by 3 percent and 18 percent, respectively-than in October and November 2017.
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Source: Congressional Budget Office (CBO)
BlackRock, Vanguard, Axa raise coal holdings despite climate fears
December 9, 2018--Big asset managers have increased investments since 2015 Paris accord
The world's biggest investors, including BlackRock, Vanguard and Axa, have ramped up holdings in coal since the landmark Paris climate agreement, raising the question of how
seriously they take the issue of tackling global warming.
The UN's Intergovernmental Panel on Climate Change said in October that coal use
would have to be heavily reduced to meet the aim of the agreement.
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Source: FT.com
Investors fled the wild trading this week, dumping $3.5 billion from equity funds
December 7, 2018--U.S. equity funds saw $3.5 billion in outflows through Wednesday during a wild week on Wall Street.
Investors fled to safe-haven government debt as risk-off sentiment took over the markets.
U.S. corporate bond funds also took a hit this week, experiencing $1.9 billion of outflows.
Wild swings in the stock market this week rattled investors, who pulled $3.5 billion from U.S. equity funds and fled to the safety of government debt.
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Source: cnbc.com
Cushing(R) Asset Management Launches Suite of Income-Focused Equity Sector & MLP ETFs
December 6, 2018--New funds offer key energy industry and sector exposures including MLPs in a tax efficient manner to provide potential for greater yield
Cushing(R) Asset Management, an investment firm with vast experience in energy, materials, and industrials, today announced the launch of a new suite of income focused Equity Sector & MLP ETFs: The Cushing(R) Sector Plus ETFs.
These new ETFs, which trade on the NYSE ARCA Exchange, are designed to offer investors exposure to the ever-evolving master limited partnership (MLP) and energy infrastructure markets by seeking to replicate the performance of custom indices in energy, utility, transportation, and the energy supply chain.
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Source: Cushing Asset Management
SEC Again Delays Decision on VanEck-SolidX Bitcoin ETF
December 6, 2018--The U.S. Securities and Exchange Commission (SEC) extended a rule change proposal allowing the nation's first bitcoin exchange-traded fund (ETF), pushing the decision deadline to next year.
In a notice posted online, the securities regulator said it was extending the review period for the ETF to Feb. 27, 2019. The proposal was first submitted by money manager VanEck and blockchain startup SolidX, who partnered with the Cboe exchange earlier this year.
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Source: coindesk.com
Fed up with Facebook, U.S. fund managers look for alternatives
December 6, 2018--Facebook Inc's (FB.O) losses are becoming other companies' gains.
Concerns about the social media giant's declining profit margins and battered reputation have prompted 93 U.S. mutual funds to completely sell out of their positions in the company so far this year, exacerbating a roughly 35 percent decline in Facebook's share price from its highs, according to Refinitiv’s Lipper research service.
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Source: Reuters
The U.S. Yield Curve Just Inverted. That's Huge.
December 3, 2018--The move ushers in fresh questions about the Fed and the economy.
The U.S. Treasury yield curve just inverted for the first time in more than a decade.
It's a moment that the world's biggest bond market has been thinking about for the past 12 months.
I wrote around this time last year that Wall Street had come down with a case of flattening fever, with six of the 11 analysts I surveyed saying that the curve from two to 10 years would invert at least briefly by the end of 2019. That’s not exactly what happened Monday, though that spread did reach the lowest since 2007.
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Source: Bloomberg
SEC Adopts FAIR Act Rules Promoting Research Reports on Investment Funds
November 30, 2018--The Securities and Exchange Commission today adopted rules and amendments designed to promote research on mutual funds, exchange‑traded funds, registered closed-end funds, business development companies, and similar covered investment funds.
These changes reduce obstacles to providing research on investment funds by harmonizing the treatment of such research with research on other public companies. The Commission took this action in furtherance of the mandate in the Fair Access to Investment Research Act of 2017 (FAIR Act).
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Source: SEC.gov
IMF Country Reports-Brazil: Financial System Stability Assessment
November 30, 2018--Since the Brazil 2012 FSAP, the financial system has been stable despite the deep recession. The resiliency of the banking system was supported by high profitability, buoyed by large interest margins. While the financial system has grown since the 2012 FSAP, its structure remains largely unchanged. The system is dominated by large, vertically-integrated financial conglomerates and concentrated in liquid short-term instruments.
The public sector continues to play a dominant role in the financial sector, and its interconnectedness. Banks are broadly resilient to severe macrofinancial shocks. Current high profits and capital ratios support the resiliency of banks under a severe stress test scenario. Under the stress scenario, small capital shortfalls result; banks would nevertheless experience reduced income, including from market loss on government bonds, and high credit losses on exposures to the corporate sector which, despite recent improvement, is still vulnerable to shocks. This benign outcome deteriorates if their capital is adjusted for deferred tax assets. Moreover, some banks are exposed to concentration risk. Some actions are still needed to address bank-specific risk profiles to boost their resilience. Banks are generally well-positioned to manage short-term and medium-term liquidity pressures and interbank contagion seems limited.
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Source: IMF
Minutes of the Federal Open Market Committee, November 7-8, 2018
November 29, 2018--The Federal Reserve Board and the Federal Open Market Committee on Thursday released the attached minutes of the Committee meeting held on November 7-8, 2018.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
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Source: federalreserve.gov
