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Treasury Yield-Curve Inversion Reaches Deepest Level Since 1980s
February 9, 2023-- Two-year yield exceeded 10-year by as much as 86 basis points
Short-maturity yields track outlook for Fed's policy rate
US government bond investors pushed two-year yields above 10-year yields by the widest margin since the early 1980s Thursday, a sign of flagging confidence in the economy's ability to withstand additional Federal Reserve interest-rate hikes.
The yield on the shorter-dated Treasury at one point exceeded the longer-dated note's by as much as 86 basis points. The two-year rate was 4.10% on Feb. 2, before stronger-than-expected January employment data sparked a reassessment of how much higher the Fed's policy rate might need to go to stifle inflation.
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Source: bloomberg.com
CBO-Monthly Budget Review: January 2023
February 8, 2023--Summary
The federal budget deficit was $459 billion in the first four months of fiscal year 2023, the Congressional Budget Office estimates-$200 billion more than the shortfall recorded during the same period last year. Outlays were 9 percent higher and revenues were 3 percent lower from October through January than during the same period in fiscal year 2022.
Outlays in fiscal year 2023 were reduced by the shifting of certain payments-totaling $63 billion-from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. If not for those shifts, the deficit would have been $522 billion, double the shortfall during the same period in fiscal year 2022.
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Source: CBO (Congressional Budget Office)
ETFs following US lawmakers' stock trades go live
February 7, 2023--NANC and KRUZ will be aligned with either Democratic or Republican Congress members' own transactions
Investors who believe that members of the US Congress have access to information that could give them a trading advantage can now trade two exchange traded funds that follow members' stock transactions.
Subversive Capital Advisor, an asset manager, and Unusual Whales, an option flow platform and data provider, on Tuesday launched the Unusual Whales Subversive Democratic ETF (NANC) and the Unusual Whales Subversive Republican ETF (KRUZ).
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Source: FT.com
Calamos Investments Announces the Listing of the Calamos Antetokounmpo Global Sustainable Equities ETF (SROI)
February 6, 2023--Launched in partnership with NBA Superstar Giannis Antetokounmpo, fund is based on one of the longest-running ESG research programs in the nation
SROI is a global stock-based ETF that seeks above-average returns with lower volatility by focusing on companies that generate potentially higher returns on capital and maintain what the advisor believes to be a competitive edge.
Fund invests in companies with strong ESG characteristics believed to be better equipped to adapt to change and potentially avoid certain liabilities, thereby contributing to return potential and risk reduction.
SROI is part of a broader partnership with NBA superstar Giannis Antetokounmpo that has committed to donating a portion of profits to charity.
Calamos Investments LLC ("Calamos"), a premier global investment provider, in partnership with Giannis Antetokounmpo, today announced the listing of the Calamos Antetokounmpo Global Sustainable Equities ETF (ticker: SROI) on NYSE ARCA. SROI seeks to deliver long-term capital appreciation through
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Source: calamos.com
Matthews Asia plans to convert $80mn Korea Fund to an ETF
Febraury 2, 2023--If approved the conversion will go ahead later this year, filings show
Matthews Asia plans to convert its $80mn Korea Fund into an ETF, a filing shows.
All or substantially all of the fund's assets are expected to move into the newly formed Korea Active ETF, the manager has disclosed.
The fund's board expects to consider the conversion in early 2023, according to the filing. If the board approves the plan, the fund will be converted to the actively managed ETF sometime this year.
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Source: ft.com
Morgan Stanley Makes Historic ETF Comeback With Six New Funds
February 1, 2023--Firm returns to industry after decades with ESG-tilted range
Wall Street giant has $5.5 trillion in wealth, investment arms
Three decades after helping give birth to the ETF industry, Morgan Stanley is officially back in the game in what could be a milestone moment for the investing world.
Six new products from the James Gorman-led firm began trading Wednesday, offering socially conscious strategies that target US and international equities and fixed income. They’re set to be the first of many from the bank, as they form the basis of a new ETF platform in its investment management unit.
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Source: bloomberg.com
Latin America Faces Slowing Growth and High Inflation Amid Social Tensions
February 1, 2023--Restoring macro stability and boosting growth will require carefully-crafted policies that will help mitigate discontent
Latin America's economies held up well last year despite the shocks from Russia's invasion of Ukraine and global interest rate hikes.
In 2022, the region's economy expanded by nearly 4 percent, employment recovered strongly, and the service sector rebounded from the damage caused by the pandemic.
Inflationary pressures are receding in many countries due to the early and determined efforts of central banks as well as lower global prices of food and energy. However, core inflation (that is, excluding food and energy), remains high at around 8 percent in Brazil, Mexico, and Chile (and somewhat higher in Colombia but lower in Peru).
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Source: imf.org
AllianzIM Launches Two New Buffered ETFs that Hedge the S&P 500 Exposure
February 1, 2023-Latest ETFs expand access for investors looking for risk mitigation in portfolios after volatile 2022
Allianz Investment Management LLC (AllianzIM), a wholly-owned subsidiary of Allianz Life Insurance Company of North America (Allianz Life(R), announced today the launch of its February series of U.S. Large Cap Buffered Exchange Traded Funds (ETFs).
The series includes two ETFs with a 12-month Outcome Period: the AllianzIM U.S. Large Cap Buffer10 Feb ETF (NYSE Arca: FEBT) and the AllianzIM U.S. Large Cap Buffer20 Feb ETF (NYSE Arca: FEBW).
The February series is the latest expansion of AllianzIM's U.S. Large Cap Buffered ETFs, offering investment professionals and investors access to new risk mitigation strategies as market uncertainty persists and fears of a recession mount in 2023. The ETF suite is designed to provide a downside Buffer of 10% or 20% against market drops, while allowing investors the opportunity to participate in the upside potential of the SPDR S&P 500 ETF Trust up to a stated Cap.
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Source: Allianz Investment Management LLC
Horizon Kinetics Launches the Horizon Kinetics SPAC Active ETF (SPAQ) and the Horizon Kinetics Medical ETF (MEDX)
January 30, 2023--Horizon Kinetics LLC today launched the Horizon Kinetics SPAC Active ETF (NASDAQ:SPAQ) and the Horizon Kinetics Medical ETF (NASDAQ:MEDX). SPAQ was converted from the Kinetics Alternative Income Mutual Fund, and MEDX from the Kinetics Medical Mutual Fund, as part of tax-free reorganizations effective after the close of business on January 27, 2023.
Both ETFs now have substantially lower shareholder fees or expenses. Both are actively managed funds that began trading on NASDAQ today (January 30, 2023). Since its arrival into the active ETF space in early 2021, Horizon Kinetics, with $8 billion in total assets, has launched 4 actively managed ETFs with $1.3 billion in assets.
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Source:: Horizon Kinetics, LLC
IMF Working Paper-Commercial Real Estate in Crisis: Evidence from Transaction-Level Data
January 27, 2023--Summary:
During the past two decades, the commercial real estate (CRE) market has been impacted by major disruptions, including the global financial crisis and the Covid-19 pandemic. Using granular data from the U.S., we document how these crises have unfolded and elaborate on the role of heterogeneity and underlying shocks.
Both a set of reduced-form approaches and a structural framework suggest a prominent role for demand-side local factors in the short run, along with significant shifts in preferences during crisis episodes. However, valuations become more closely linked to macro-financial factors over the long term. A one-standard deviation tightening in financial conditions is associated with a drop of about 3% in CRE prices in the following quarter, with a stronger impact on the retail sector and milder effects in states where household indebtedness is lower.
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Source: imf.org
