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CBO-Monthly Budget Review for March 2017
April 7, 2017--The federal budget deficit was $522 billion for the first six months of fiscal year 2017, the Congressional Budget Office estimates-$63 billion more than the shortfall recorded during the same span last year.
But that result was affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, the deficit for the first six months of fiscal year 2017 would have been $61 billion larger than that recorded for the same period last year.
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Source: Congressional Budget Office (CBO)
ETFs Are the New Bond Kings
April 5, 2017--Exchange-traded funds are transforming debt markets as big investors use them in ways considered crazy a few short years ago.
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Source: Bloomberg
High times: second cannabis-focused ETF launched
April 5, 2017--Canadian firm Horizons ETF Management has today become the second company to launch a marijuana-focused exchange-traded fund.
The Horizons Medical Marijuana Life Sciences ETF (HMMJ) debuts on the Canadian National Stock Exchange and the Nasdaq index today and is designed to track the performance of the North American Medical Marijuana index.
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Source: citywireselector.com
Cowen Group to Buy Brokerage Firm Convergex for $116 Million
April 3, 2017--The Cowen Group said on Monday that it had agreed to acquire the brokerage firm Convergex Group as it looks to bolster its sales and trading business.
The New York financial services company said that it would pay $116 million in cash and stock to acquire Convergex from the private equity firm GTCR, Bank of New York Mellon and other investors.
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Source: NY Times
Nuveen Launches Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF
April 3, 2017--ETF to Begin Trading Today on the NYSE Arca
Nuveen announced that the NuShares Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF will begin trading today on the NYSE Arca under the symbol NUSA.
The ETF seeks to offer enhanced yield relative to the 1-5 year U.S. investment grade fixed income market with comparable risk and credit quality.
Positioned as a distinct alternative to short-term bond index funds weighted by issuance size, the ETF seeks to track the investment results, before fees and expenses, of the BofA Merrill Lynch Enhanced Yield 1-5 Year US Broad Bond Index, which uses a rules-based methodology to allocate higher weights to categories with higher yields without significantly increasing risk or decreasing credit quality
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Source: Nuveen
Fed signals it could promptly start shedding bonds from portfolio this year
April 1, 2017--The Federal Reserve could begin shrinking its $4.5-trillion balance sheet as soon as this year, earlier than most economists expect, New York Fed President William Dudley said on Friday in the central bank's most definitive comments on the question that looms over financial markets.
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Source: Zawya.com
New Rules Would Make It Easier to Boot ETFs From Exchanges
March 31, 2017--ETFs could be delisted if holdings become too concentrated or hard to trade
New rules set to take effect in October could tap the brakes on the proliferation of new exchange-traded funds in the fast-growing industry. As ETFs in the $2.8 billion marketplace become more complex, securities regulators say they're looking to shield investors from thinly traded securities that could be vulnerable to price manipulation.
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Source: CFTC.gov
CBO-The 2017 Long-Term Budget Outlook
March 30, 2017--If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years-reaching the highest level of debt relative to GDP ever experienced in this country.
At 77 percent of gross domestic product (GDP), federal debt held by the public is now at its highest level since shortly after World War II. If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; it would reach 150 percent of GDP in 2047. The prospect of such large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.
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Source: Congressional Budget Office (CBO)
Pro-investor reforms take hold, despite Trump move
March 30, 2017--Fiduciary rule will require advisers to act in their clients' best interests.
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Source: FT.com
